Car loan market stimulated by scrappage scheme

Thu, 05 Nov 2009

The Vehicle Scrappage Scheme has had a positive effect on the car loan market, it has been revealed.

According to M&S Money, both the volume and value of their car loans has increased since the government introduced the policy in a bid to stimulate consumer demand for new vehicles .

The scheme, which was launched in April this year, sees drivers offered a £2,000 incentive if they trade a car registered on or before August 1999 for a new model.

M&S Money also announced that its annual percentage rate for personal loans between £7,500 and £15,000 will be reduced to 8.7 per cent from today (November 5th).

Commenting on the effect of the scrappage scheme, for which a further £100 million was provided recently, M&S Money chief executive Colin Kersley commented: "It's good to see that increased numbers of customers have been able to change to new, more environmentally-friendly models.

"With the new offer we hope that more will be able to upgrade their cars .
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Credit Crunch Savers
HSA Dental Plan
Get covered from £7.70 per month!
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company