Government considers ways of helping car loan market

The Government is looking into ways of ensuring the availability of loans for car buyers, as the economic downturn threatens to seriously harm the industry.

Prime Minister Gordon Brown said it is important that the car loans market does not “freeze”.

Many economists believe that the car industry is vital to the economy, since it accounts for a substantial proportion of GDP, as well as a vast number of British jobs.

A loans expert for Think Money commented: “Any kind of action on car loans would be welcomed by consumers, many of whom may have struggled to obtain credit over the past 18 months – and lower sales are damaging the industry.

“In the meantime, anyone looking for a loan should speak to an expert loans adviser beforehand. In the current market conditions, it’s important to talk to the right people to improve their chances of finding the best deal.”

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Think Money work with a panel of lenders to offer a range of loans. If you are thinking about getting a loan, contact one of our expert loan advisers today.

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