Old Cars Worth Cash

One way to try and get more car loans processed is to start offering money to people who own older cars. This way they will be forced to get a new or newer car than what they own, and the car loan industry will get a kick from the promotion. It could work very well for both the car loan industry and the car industry as they are having a hard time selling cars.

The national car maker, Proton, has been approached to start getting rid of any car that is more than 15 years old. Anyone who owns one of these cars would get a voucher worth RM 5,000 which they could use as a down payment on another car.

The Federation of Motor and Credit Companies says that they would be able to increase both car sales and the number of car loans that there are with this new influx of car purchasers. They say that the slump that the car industry has seen lately needs to get a bit of help since they don’t seem to be able to get it turned around.

They say that since there has already been a 17% decline in auto sales and car loans for March, they think that the car companies and the government will get behind such a plan in order to help the economy. They are looking to change auto loan rates as well as terms, and they think that combined with the above plan they should start to see an increase in the car loan and car purchasing industries.

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