Rising Car Costs Drive Many to Poor Credit

July 25, 2011 - PRLog -- You have probably noticed petrol prices rising dramatically in the last year, this is just one factor of the overall cost of running a car jumping 20% in little over a year.

The average running cost of a car is now 21.1% more than the cost on April 1st last year at £3,09, this includes a 30.7% average increase in insurance and a 5.4% rise in servicing costs.

“We have seen an increase in applications for loans to pay for various car expenses and the number is continuing to rise as many people struggle to pay the costs of running a car” said James Jones from Poor Credit Loans 4 You, who specialise in helping people with poor credit acquire car loans http://www.poor-credit-loans-4-you.co.uk/poor-credit-car-loans-used-car-loans-poor-credit-car-loans.html

The main rise is of course petrol, due to oil prices being forced up in the Middle East, fuel duty increases and the VAT hike in January.

A year ago, a Ford Focus driving 10,000 miles a year would set you back £1,4000, however, now it is likely to cost you around £1,721.

At Sainsbury’s Finance they surveyed more than 2,000 adults and discovered that MOT test costs have risen 1.6% while motoring taxes have increased by an average of 5.1%.

Ben Tyte, head of motor insurance at Sainsbury's Finance, said: 'The cost of motoring has soared in recent months as all costs, but particularly fuel prices and insurance premiums, continue to rise.

'The cost of driving can be kept better in check by shopping around, particularly for fuel and car insurance.'

Research conducted by the AA found that prices across Europe actually dipped by 4.4% at the start of the year to 121p, in Britain however, there was a 1.18% increase to 129p.

“These continually rising petrol prices whilst the rest of Europe was getting a dip in petrol costs makes many people feel as though we are being treated unfairly” said James Jones from Poor Credit Loans 4 You

The Federation Internationale de l'Automobile (FIA), which represents around 35m drivers, wrote to the European Union complaining that the way prices are set is 'far from transparent'.  

An AA spokesman, Luke Bosdet added to this by saying,  “Motorists are going bust on us. No one is giving us any answers as to why petrol prices are so high. We need greater transparency so that everyone can see we are paying a fair price for fuel”

So with petrol prices continuing to rise it may be a good idea to get Car Finance or Poor Credit Car Loan if necessary to buy a car that could save you more money, a list of the cheapest cars to run  include; a Renault Twingo 1.2 16v  Bizu, a Renault Clio 1.2 Expression A/C 5dr, a Kia Picanto 1.0, a Nissan Pixo 1.0  Visia, a Hyundai i10 1.2 Classic 5dr, doing between 22.9 pence per mile and 27.4 pence per mile.

“Its not just the petrol rises that are putting the strain on motorists but also insurance policies. The most commonly bought insurance, which is Third party, fire and theft, rose by more than 70% throughout the year, reaching £1,390” stated James Jones from Poor Credit Loans 4 You.

A spokesperson from the AA added “'This has led to the biggest annual premium increases we have seen since the AA Index began in 1994.”

Poor Credit Loans 4 You helps out people who fear they have been blacklisted because of past poor credit history which could include CCJ’s and defaults, arrears, late credit card payments or repossession.

Poor Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading.

Poor Credit Loans 4 You is also covered by the Financial Ombudsman.

Poor Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.

For help, phone 0800 011 4503 or visit

http://www.poor-credit-loans-4-you.co.uk

~Ends~

Notes for Editor:
Loans 4 You of London Ltd
Innovation Centre
Monks Brook
PO30 5WB

United Kingdom

Tel: 0800 011 4503

Poor Credit Loans 4 You was formed in order to ensure people with bad credit had access to specialist help in securing the bad credit loans they need.

From its UK head office in Monks Brook, Loans 4 You operates across Britain, sourcing bad credit loans for people with bad credit.

Poor Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading.

Poor Credit Loans 4 You is also covered by the Financial Ombudsman.

Poor Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.

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Poor Credit Loans is a top UK specialist for Poor Credit Loans for people from all over the UK.

Its wealth of experience in the Poor Credit Loan industry means it gets the best deals for people seeking a poor credit loan.

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