Men more likely to take out car finance

A survey carried out by credit reference agency Experian has revealed that men are nearly twice as likely to be tempted to take out car finance as women. Almost one in five men reported they were considering taking out car finance in order to buy the car they wanted, compared with just one in ten women. Even though both living costs and car running costs are rising, car finance remains an appealing option for one third of UK adults, who have admitted they want to project the right image. Having the right car is a big part of this image projection: the survey reveals that more people are willing to take out car finance to purchase their ideal vehicle than to take out other forms of finance for other purchases. The survey also shows that people living in East Anglia and the Midlands are the most likely in the UK to go over budget with a car to appear wealthy (16%). Kirk Fletcher, Managing Director of Experians Automotive division, said: "The credit crunch is having a significant impact on consumer confidence across the UK, yet this survey highlights the fact that the consumers desire for a car that projects the right image remains as strong as ever."

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