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Cars 'tempt Consumers Into Debt' |
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(30th May 2008)
It has been revealed that taking out car finance is one of the most common reasons for consumers to get into debt and according to research by Experian, men are the most guilty.
Consumers looking for a cheap loan to invest in a car may be interested in the report, which shows a third of UK adults would buy a car to give the impression of wealth, with one in five men saying they would get into debt to keep up appearances.
However, those purchasing a car should be aware of the issue of outstanding finance which can affect the used car market.
Kirk Fletcher, managing director of Experian automative division, explained: "Recently there has been an increase in the number of stories in the media where people have attempted to sell their cars without settling the finance on them."
He added that the news meant individuals and businesses should be more cautious and use checking services to find out the status of a car before purchase.
Research by Sainsbury's Bank shows that the average second-hand car now costs £4,636.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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