Car Insurance
Motorists plan to use dealer finance deals to pay for new cars
3rd July 2008
Motorists are planning on using finance deals to purchase new cars, despite the widespread publicity of the credit crunch.
Car supermarket Motorpoint reported that as many as 53 per cent of future car insurance customers plan to use finance deals to pay for their next car.
The study's findings emerged after the Finance and Leasing Association revealed that lending from motor dealers now funds 49 per cent of all new private car sales - up two per cent on 2007's figure.
"With many people finding it increasingly difficult to source credit from other lenders, we are finding that our highly-affordable point of sale products … are proving extremely popular, enabling customers to drive a car that their budget wouldn’t ordinarily allow," explained David Shelton, the managing director of Motorpoint.
Recently, motoring website Newcarnet reported that more than three quarters of British motorists were considering opting for a green model for their next car.
Newcarnet's Massimo Pini said officials needed to support this switch.
"All government seem to be doing is increasing costs without promoting alternatives," he explained.
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