Last year new and used Car Loans contributed to the purchase of £36.5 billion worth of vehicles, according to a new report.
A survey conducted by Halifax found that UK drivers had spent an extra £11.1 billion on the previous year, which may be good news for the new and used Car Finance industry.
The Halifax's annual review of car finance and motoring costs also revealed that the figure amounted to 4.4 per cent of the annual disposable household income.
Neil Chandler, head of Halifax Unsecured Personal Loans said that for most people financing a car is a big commitment.
"For most people buying a car is one of the biggest financial commitments we make, accounting for between four and five per cent of household income," he said.
Earlier this month British Car Auctions revealed that the average used car value during the second quarter of 2007 increased by £217 from the first.
© Adfero Ltd
Back to August 2007 News Articles
