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Car credit deals 'have risen in 2008'

Thu, 03 Jul 2008
The number of people taking out finance deals on cars has gone up over the first half of 2008, it has been claimed.

According to car supermarket company Motorpoint, this is an indication that drivers are attempting to defy the credit crunch as the year goes on.

It added that 53 per cent of motorists are now intending to pick up their next deal using credit.

Such a method can help people spread the cost of their vehicle, freeing up funds for car insurance and road tax bills. Similarly, those expecting to purchase a new vehicle soon may consider taking car buying advice on finance.

"We are finding that our highly-affordable point of sale products ... are proving extremely popular, enabling customers to drive a car that their budget wouldn't ordinarily allow," said David Shelton, Motorpoint managing director.

Motorpoint was founded in 1998 and currently has branches across the UK including Peterborough, Glasgow and Burnley.

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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

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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.

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