New car calculations

As the date for the new 57 plate approaches, new research from Halifax Unsecured Personal Loans looks at the UK's love affair with their four wheeled friends.

Timely Applications

January and August are the most popular months to apply for a loan to fund a car purchase. This suggests that some people may be looking for New Year, new start, new motor in January, yet the attraction of the new plate release in September is still apparent.

Last year, more than 2.3 million new cars were registered with the top model purchased being the Ford Focus. 2006 also saw the sale of almost 7.6 million used cars with the Ford Focus still topping the polls as the most popular purchase.

Regional Registrations

In 2006, England recorded the highest number of new registrations at 1,983,292 new cars. This was followed by Scotland (194,866), Wales (86,817) and Northern Ireland (65,024).

Motoring Age

Half of those applying for car loans in 2006 were between 30-49 with just over a fifth (21%) aged 20-29.

Of used cars on the road, a quarter (25%) are currently less than three years old with a further quarter (24%) between three to six years old.

Financing Four Wheels

When choosing a new car, it is also important to shop around for the best financial deal. There are usually additional costs involved when buying a new or used car including insurance, tax or an MOT. With a Halifax unsecured personal loan you don't have to make any repayments for the first three months which allows you time to cover such costs.

Halifax unsecured personal loans feature:

No repayments for the first three months of the loan
Option to spread payments over one to seven years
Fixed monthly payments, making budgeting easier
A fixed rate that is tailored to your individual circumstances and needs
Typical APR of 6.9% on loans over £7000.00 via: halifax.co.uk/loans/personalloans.shtml

Neil Chandler, head of Halifax Unsecured Personal Loans comments: "Purchasing a new car takes a lot of time and thought as it is a big financial commitment. It is important to choose a finance deal which suits you best, leaving you free to sit back and enjoy your new car."