Car buyers to use loans to finance purchases

Increasing numbers of car buyers are using loans to purchase second-hand cars, it has emerged.

Sainsbury’s Car Loans research revealed that 5.35 million Brits plan to purchase second-hand cars by the end of February 2008, with average expenditure expected to be £4,648.

The loans provider urged consumers to shop around to ensure that they not only find the best vehicle, but also opt for the best financial package available to support their purchase.

Loans will account for the expenditure on 18 per cent of second-hand car purchases over the next six months, Sainsbury’s noted.

Mr Baillie commented that people selling their vehicles to purchase a new car should also make sure they have researched the financial market,

“Sainsbury’s is urging car buyers to shop around for a competitive rate or explore the various car options available,” the company said.

Haggling sellers during car purchases could save UK buyers £675 million and an average of £1,500 per purchase on a new vehicle, according to What Car research recently reported by Sainsbury’s.

© Adfero Ltd

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