Car Finance 247

Car Finance 247

September 20, 2011 09:38 ET Asks: Does a 25% Increase in Car Finance Applications Mean Younger Motorists Are More Financially Aware and Now Shunning Showroom Deals?

MANCHESTER, UNITED KINGDOM--(Marketwire - Sept. 20, 2011) - The latest data from internet car finance broker highlights a 25% increase in the number of used car sales and car finance applications from motorists in the 21-30 year age band.*

This is compared with an almost 50% decrease in the number of car finance applications for those in the 51-60 and the 60+ age groups.*

Director of Louis Rix says: "The data highlights how younger motorists are now turning to car finance. This could indicate that they are more financially savvy than their contemporaries were a year ago, preferring to use a car finance service such as ours rather than a dealer's finance deal which may not be as cost-effective.

"As for the motorists in the 50+ age bands, it may be that they are feeling the pinch financially and are keeping their existing vehicles for longer".

The data** also revealed that a typical carfinance247 customer:

  • is aged 31-40 years old

  • purchases a second hand car valued at £8005

  • applies for car finance (including bad credit car finance) of £7100.

*Data for January 2011-July 2011 compared with the period January 2010-July 2010

**For the period January 2011-July 2011

About us:

Founded in 2000, is a privately owned business with offices based in central Manchester. We provide vehicle financing solutions for all financial circumstances such as hire purchase, personal contract purchase, contract hire and other leasing options. No deposit is required and we can supply and deliver any make and model of your choice.

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