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Dealer finance remains attractive during recession

So, it turns out the economic climate isn’t putting people off completely from expensive purchases, if this week’s figures are anything to go by.

Figures from the Finance and Leasing Association (FLA) revealed that more than half of cars were bought using car dealer finance in 2010, making it the most popular finance option. This suggests that buying on finance, despite having to pay interest, is proving more realistic than buying outright for many people.

There was even a 6.3 per cent rise in people buying vehicles on forecourt finance when compared to 2009.

Even luxury cars are not just a pipe dream, with purchases of prestige marques bought through finance agreements rising by 11 percent last year. This was according to a new survey from luxury car finance specialist Oracle Finance, which said the figures indicate buyers are being drawn to low interest rates before inflationary pressures cause rates to rise.

For those still considering whether to follow suit and buy a vehicle on finance – don’t wait too long. The interest rates that have been wagging their tails for many so far may not stay close to heel for much longer.

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