Car buyers 'should shop around' for personal loans
09 February 2010 12:59:52
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| Second-hand car buyers must take time to find best deals. |
Britons planning to use personal loans to fund the purchase of a second-hand car should ensure that they shop around for the best deal, it has been suggested.
With the government's scrappage scheme set to conclude at the end of the month, auto industry observers are expecting demand for used cars to strengthen considerably.
However, Daily Mail finance writer Jo Thornill explained that personal loans providers will be aware of this shift and could seek to exploit consumers who have not done their homework.
"Personal loans are the most popular finance option for those buying used cars," she wrote in the newspaper.
"But lenders are tightening the screws by pushing up rates and offering the best deals only to borrowers with an impeccable credit history."
The scrappage scheme provides discounts for buyers of new, fuel-efficient cars when they trade in their old models, which has caused a slump in the second-hand market.
Recent research by the National Audit Office indicated that Britons owed almost £1.5tr through financial products such as personal loans in November 2009.
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