Poms see car loans wither

Mozo

Wednesday 28 January 2009

One day after the UK unveiled a new finance package to get its auto industry back on its feet, research has shown that more Poms are being denied car loans.

Figures from MoneyExpert show that some 1,600 people a day are being turned down for car loans in the UK, with younger drivers the least likely to be approved.

The Press Association reports that the shrinking availability of new car loans has come on the back of constrained lending as a whole, with banks in the UK still stubbornly refusing to lend.

Such figures are likely to put further strain on the UK car industry, which is already in decidedly ill health, as with fewer car loans on the market, it is likely that car sales will drop further.

There has been a sharp downturn in the number of cars leaving the forecourt in Britain since the onset of the financial crisis, mimicking problems being felt in the Australian auto industry.ADNFCR-1761-ID-18996900-ADNFCR

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