Car Loans – Boom or Bust The car loans market will be impacted by the changes in interest rates. The government cut interest rates to 4.5% and further cuts are predicted by UK economists in order to stabilise the current econ
The car loans market will be impacted by the changes in interest rates. The government cut interest rates to 4.5% and further cuts are predicted by UK economists in order to stabilise the current economy.
The car loan market is affected by a lenders ability and willingness to lend money to consumers. During hard economic times such as the recession being endured currently, some lenders have tightended their lending. This in turn slows the car loans market.
“This is not a time for conventional thinking or outdated dogma but for fresh and innovative intervention that gets to the heart of the problem" (Gordon Brown 2008).
Creditplus have a unique lending line in place and are able to withstand the pressures of the current market. Making it easier for consumers to find a car loan when otherwise it would be seemingly impossible. The car loans are supplied from a panel of over 35 of the UK top lenders which have a specific relationship to Creditplus.
The move by the government to cut interest rates came after both UK and US lenders fell into difficulty. With a threat of depression if actions were not taken the government have taken steps to make sure the UK banks are able to stabilise.
“Ultimately government borrowing will increase and ultimately we, the taxpayer, will foot the bill" (Batstone-Carr 2008).
The effect on car loans should be a positive one with lending and spending confidence levels increasing with market stabilisation. Creditplus have managed to secure themsevles in these trying financial times.
Notes to Editors:
Creditplus is a UK leading car finance specialist with over 25 years experience in sourcing guaranteed car finance and cars for consumers with any credit status.
The Creditplus unique offering is a free and flexible service for consumers wishing to purchase a vehicle, from sourcing car loans, to finding cars, negotiating a price on the consumer’s behalf and delivering it straight to their door.
Their website offers an instant lending decision, with over 60,000 cars and vans in stock, and is fully regulated by the Financial Services Authority.
Creditplus also operate a B2B division called Dealerplus, offering software and trading solutions to dealers throughout the UK.
Creditplus won the Bowshot eDen award 2008, of best eCommerce trade site in Dorset and Hampshire for high achieving entrepreneurs.
