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Cars now 'better value' for unsecured loans

Cars now 'better value' for unsecured loans

Category: Loans

Updated: 20/02/2009
First Published: 20/02/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers who take out unsecured loans for the purpose of buying cars are increasingly finding that they can get more for their money, it has been suggested.

According to AA Personal Loans, the value of the average amount of money lent has changed very little since March of last year.

Meanwhile, the consumer prices index has shown that the average expenditure has also remained constant, despite prices dropping.

As a result, buyers are finding that they can buy a car that was previously of a much higher value.

Head of AA Personal Loans Mark Huggins explained that consumers are looking for more during the recession, stating: "Second-hand car dealerships across the country are finding themselves having to offer higher value vehicles at lower prices to make a sale, with savings of almost a third on certain models."

The AA recently proposed a car scrapping scheme, which would give those who get rid of old, polluting vehicles a discount on a new one.

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