/24-7PressRelease/ - LONDON, UK, June 30, 2007 - Forty percent of the British take out a personal loan to help them buy new vehicles, according to research from Alliance & Leicester.
Purchasing a second-hand car still remains the best reason to take a personal loan, with a fourth of those involved in the survey doing so.
Just over one tenth of the Britons also acknowledged that they availed personal loans to finance a new car, while some others deployed the money to avail motorbikes and caravans.
Other exigencies that are met through personal loans include home improvements and extensions.
Richard Al-Dabbagh, senior personal loans manager of Alliance & Leicester, believed that it was not "surprising" to see people taking loans, as finance deals that were being offered at car showrooms were not very competitive.
He added: "It's not very difficult to find typical forecourt finance APRs approaching 20 per cent, compared with 6.5 per cent APR for a typical Alliance & Leicester loan."
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