Vehicles top choice for loans
New research has found that vehicles are the main reason behind people taking out personal loans.According to a study by Alliance and Leicester, 37 per cent of all loans are taken out to finance the purchase of a vehicle.The figures also revealed that an increasing number of people are choosing to take out loans to finance caravan purchases. Richard Al-Dabbagh, senior personal loans manager at Alliance and Leicester, explained that "a small but growing number of people are getting a personal loan to purchase a caravan".He suggested that one of the reasons for this increase was that more people are now looking to be environmentally-friendly and are choosing to take holidays in the UK instead of jetting off to different parts of the world. He added that taking a caravan could also be part of a lifestyle choice, saying: "An increasing number of people are turning their backs on airport queues, train delays and other negative holiday certainties."
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