27 February, 2009

A recent survey by AA Personal Loans has revealed that in an effort to save money, most of the people in need of loans in UK are using them to buy second hand models rather than spending it on purchase of brand new cars.

It also stated that people are now 62% more interested in spending the loan amount on acquiring a second hand vehicle as compared to last year.

But on an average the overall amount spent on purchase of vehicles, has remained the same as before, that means people are now keen to choose more high-class models.

Head of AA Personal Loans stated that this has forced the second hand dealers now to make the sale of vehicles at a lower rate, resulting in low saving. So this is the best time for buying cars of your choice.

This has resulted in cutting jobs of many people who are employees of big car manufacturers like BMW at the New Mini plant in Oxford has declared to cut off 850 jobs.