Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Automobile expenditure 'holds with base rate'

Thu, 10 Jan 2008
The Bank of England's decision to hold the base rate level of England in the UK could stall consumer confidence and reduce the number of new cars sold over January, a sector official has claimed.

Sue Robinson, director of the RMI's National Franchised Dealers Association, commented that people will not have the money to finance a new car if they have higher household bills to pay.

"Consumers face rising costs following previous interest rate rises, above-inflation rises in household costs, including council tax bills, as well as the need to pay off debt," she said.

Today the Bank's monetary policy committee decided to hold the rate at 5.5 per cent for the rest of the month.

The power to set the UK's base rate level of interest was given to the group by Gordon Brown, in one of his first acts when he became chancellor in 1997.ADNFCR-1081-ID-18421879-ADNFCR


Add a comment


Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17


48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH