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Personal loan market gets car scrappage boost

Published: 05/11/2009

A new personal loan offer has been launched by M&S Money in the wake of the successful government car scrappage scheme.

The provider said that both sales and loan values had doubled over the summer as motorists scrambled to take advantage of the programme.

Under the terms of the scheme, drivers whose current car is ten years old or more can exchange the vehicle for a new model and receive £2,000 towards the purchase.

This has provided a boost to the personal loans sector as many drivers use unsecured credit to buy cars.

M&S Money's new deal cuts the typical APR of loans between £7,500 and £15,000 from 9.9 to 8.7 per cent.

It comes into effect from today (November 5th).

Colin Kersley, M&S Money chief executive, said: "It's good to see that increased numbers of customers have been able to change to new, more environmentally friendly models [through the scheme].

"With the new offer we hope that more will be able to upgrade their cars."

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