Car buyers ‘using loans to purchase impressive vehicles’

Posted 2008-05-28

Consumers are being tempted into taking out loans they cannot afford in order to purchase cars and boost their image, it has emerged.

Research conducted by Experian highlights that a third of UK adults would get themselves into debt to give the impression that they are wealthy.

The poll shows that men are more likely to succumb to such measures than women, with one in five being tempted to take out a loan to buy a car compared to one in ten females.

It also notes that people residing in the east Midlands, west Midlands and East Anglia are the most likely in the UK to go over budget with a car to appear wealthy, with 16 per cent of respondents from these regions saying that they would take out a loan to make such a purchase.

Kirk Fletcher, managing director of Experians Automotive division, says: “The credit crunch is having a significant impact on consumer confidence across the UK, yet this survey highlights the fact that the consumers desire for a car that projects the right image remains as strong as ever.”

This follows news from Fool.co.uk that increasing numbers of brides and grooms are using loans to finance their big day.

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