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Darling 'needs to think about drivers'

Mon, 20 Apr 2009
Alistair Darling has been urged to think about motorists keen to buy new and used vehicles.

British Car Auctions (BCA) has called on the chancellor to use this week's Budget to demonstrate his support for drivers and the automotive industry in the UK.

The group said a vehicle scrappage incentive programme should not necessarily be Mr Darling's main priority when it came to the sector.

Communications director Tony Gannon explained: "We would argue that some kind of stimulus for the car credit markets is actually more important."

He added many vehicle sales were falling through because buyers were unable to secure suitable finance.

Mr Gannon concluded there is no reason why drivers with a good credit history and the ability to pay back a loan should find it difficult to fund the purchase of a car.

In related motoring news, BCA recently pointed out the rise in average second-hand vehicle values slowed significantly in March.

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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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