Sainsbury's Bank Personal Loans on offer to car buyers

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Sainsbury's Bank Personal Loans on offer to car buyers

Sainsbury's Bank Personal Loans could offer some of the most competitive rates for the 7.85 million people who intend to buy a car between March and August 2006, the company claims.

This 7.85 million level is an increase of 550,000 people compared to the previous measurement, which was taken between September and February 2005.

Around £63.27 billion will be spent on vehicle purchases in the next six months, Sainsbury's claims, and over a quarter of customers plan to finance part of their expense with a loan.

Overall, the bank calculated that around £10.56 billion will be taken out in loans to purchase cars between March and August this year.

Some 2.27 million people intend to spend more than £10,000 on their vehicle, the bank reports, while 652,000 buyers plan to spend more than £21,000.

Steven Baillie, loans manager with Sainsbury's Bank, said: "Motorists should ensure they shop around for a competitive loan rate as they could save thousands of pounds in repayments."

Sainsbury's Bank Personal Loans have a typical annual percentage rate of 6.1 per cent when purchased online.

The bank also offers insurance, credit cards and savings accounts.

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