Personal Loan Education

19/01/2010

The average business car loan increased in size by $1462 from $43,471 in 2008, to an average of $44,933 in 2009. Loan application amounts spiked to an average of $46,111 in the final quarter of 2009.

Personal new car loans continued a downward trend in December, falling by 10.6 per cent from November, and 14.7 per cent year-on-year according to new data released by vedaauto.com.

The business car lending numbers were pushed higher by the federal government’s business tax break for small business. Demand for car loans and cars for business purposes is expected to fall away in January after the tax break ended on the 31 December 2009.

An abundance of used cars to come onto the market in 2010 as businesses offload old vehicles. "This could see an oversupply of used cars, and some great deals in the used-car market this year," said vedaauto.com head David Scognamiglio.

Source: WA Today

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