THE Government’s scrappage scheme has driven a big rise in personal loans to buy new cars, it was claimed today.
Sainsbury’s Finance estimates that the stimulation package has led to a 37% increase in personal loans to purchase cars in the three months since its introduction on May 18.
It claims an estimated £61.2m of personal loans per month have been taken out to buy cars since May 18, compared with a monthly average of £44.7m before the introduction of the scheme, which offered £2,000 to scrap old models and buy new environmentally-friendly cars.
The monthly average loan value is £7,515 for a car purchase.
