Britons spend more on cars
Sep 25, 2006
Britons are spending more than ever on their cars, with £36.4 billion spent last year on buying new and used vehicles, a new report has shown.
Spending on cars has increased by 61 per cent in the past ten years, the report from a major bank has found, with a third of all private motorists buying a new car in 2005.
However, while spending on cars has increased since 1995, forecourt prices have dropped and spending on cars still equates to 4.5 per cent of a household's income, the same as ten years ago. Purchasing a car is the most popular reason for taking out a personal loan after debt consolidation, the report revealed.
Buying a car is probably the second biggest purchase most people will ever make, after buying a house, so it is important that people to consider how finance this and choose a product most suited to your needs. Men were found to be more likely to take out a personal loan in order to buy a car, with almost a quarter of men taking out loans doing so in order to buy a car, compared to one in seven of women.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
All you have to do is complete our Secured Loan Application Form and let us give you a FREE and NO obligation quote.
