20 March 2006
One in every six people will use a personal loan to buy a new car, according to a personal loan company.
AA Personal Loans found that 17% would be applying for a loan in order to secure the purchase.
Around six million people will buy new cars in 2006, according to the loan provider. It also found that when it came to the purchasing of their new car, most people were concerned most about its performance, rather than about the environment.
Only 31% said that they considered the environment when buying a car. A total of 53% preferred to choose their new vehicle purchase on the basis of the car's performance, with 40% buying on the basis of practicality.
Few people seemed to be making the large buy on the basis of a car's looks, with only 19% saying that this was a key consideration.
Lloyd East, general manager of AA Personal Loans says: "Buying a car is amongst the biggest purchasing decisions people face, so it's well worth doing some research before you buy – not just the car, but how to finance it as well. After all, no-one wants to fall in love with their dream car, only to find they can't afford it."
He added: "Motorists will often have a few thoughts in mind when choosing a new car but it's surprising that the environment isn't higher on the list of priorities, especially when you consider global efforts to tackle environmental problems caused by energy use."
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