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August 'most popular month for car loans'

A new study from Halifax has revealed the continuing popularity of using a personal loan to pay for a car purchase among Britons.

In a country which currently has 31 million cars on its roads, the research states, August and January are the peak months for car loan applications.

The survey also attempts to identify the typical motor loan customer, noting that 67 per cent of car finance applicants in 2006 were men, while half of the people using a loan to fund a vehicle purchase last year were between 30 and 49 years old.

"Purchasing a new car takes a lot of time and thought as it is a big financial commitment," said Neil Chandler, head of Halifax Unsecured Personal Loans.

"It is important to choose a finance deal which suits you best, leaving you free to sit back and enjoy your new car," he added.

Mr Chandler also advised consumers to shop around for financial motoring products such as insurance - a survey by Sainsbury's Bank recently claimed that one in five UK motorists failed to obtain more than one quote when last insuring their car.

28/08/2007 16:51:41

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