Halifax reveals car loan statistics

29 August 2007
New research has underlined the extent to which people will take out loans in order to purchase a car.

Halifax Unsecured Personal Loans has found that 67 per cent of those taking out loans to buy vehicles are men, mostly buying in August and January.

The company added that applicants looking for loans in order to pick up a new ride are between 30 and 49 years of age.

With some 2.3 million new and 7.6 million used automobiles going on the road in 2006, car insurance companies will have been kept busy supplying the relevant cover policies.

"Purchasing a new car takes a lot of time and thought as it is a big financial commitment. It is important to choose a finance deal which suits you best," said Neil Chandler, head of Halifax Unsecured Personal Loans.

Meanwhile, drivers are advised to remain careful on the roads, as government statistics show that 3,150 people died in road traffic collisions during 2006.

Find out more about taking out a car loan

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