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Halifax releases car loans research

Personal loans provider Halifax has released new research on how Brits borrow in order to upgrade their cars.

The study found that one fifth of drivers aged under 24 have spent more than £500 on upgrading their motor over the past year - more than any other age group.

A gender split was also found by the Halifax Unsecured Personal Loans study - with women outspending men with an average of £617.

Researchers found that females were more likely to pick a sat nav or music system when upgrading their car.

Half of the car customers polled also said that they would prefer to buy a second hand car over a new vehicle.

Around one in five (18 per cent) claimed that they would use a car loan, an instant loan, a personal loan or some other form of bank loan in order to purchase a car.

Neil Chandler, head of Halifax Unsecured Personal Loans, said: "Whatever your reason for taking an unsecured personal loan, with Halifax you'll have no monthly repayments for the first three months."

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