Cash for clunkers 'doubles personal loan volumes'
05 November 2009 09:20:29
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| The personal loan sector has been boosted by the scheme. |
In a new report, the personal loans provider said that the government policy has provided a significant boost to the sector.
Launched in April, the scheme offers drivers a financial incentive of £2,000 to trade their current vehicle in for a new model.
Only cars registered on or before August 31st 1999 qualify, leading the scheme to be widely dubbed as offering "cash for clunkers".
M&S Money also announced that it will reduce typical APRs on its personal loans from 9.9% to 8.7% from today (November 5th).
However, this reduction only applies for loans of between £7,500 and £15,000.
Colin Kersley, M&S Money chief executive, said: "It's good to see that increased numbers of customers have been able to change to new, more environmentally friendly models [through the scheme].
"With the new offer we hope that more will be able to upgrade their cars."
Figures from Sainsbury's Finance released earlier this week suggest that 26% of the financing used to buy new cars between September 2009 and February 2010 will be provided by personal loans.
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