Car buyers on the increase says Sainsbury's Bank
www.moneynews.co.uk > Loans > Car buyers on the increase says Sainsbury's Bank
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Money News |
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Car buyers on the increase says Sainsbury's Bank
Wed 11th Oct 2006
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A cumulative total of £69.4 billion is expected to be spent on buying a new car within the next six months and 29 per cent of these car buyers will use a loan to finance the purchase.
The Sainsbury's Bank findings show that between September 2006 and February 2007, an extra 230,000 people intend to buy a car than in the previous six months.
Steven Baillie, loans manager at Sainsbury's Bank, remarked: "Given this growing trend for car purchases to be funded by loans, motorists must make sure that they shop around for a competitive rate as they could save hundreds or even thousands of pounds in repayments."
Mr Baillie then urged motorists not to rush into getting a loan and instead attempt to seek a "competitive rate" in order to save money in repayments.
A total of over 2.5 million people are willing to spend more than £10,000 on a car and 799,000 plan on splurging more than £21,000.
Sainsbury's Bank loans offer the customer 6.1 per cent typical APR and range from between £1,000 and £25,000.
Related News : Loans |
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Related News : Sainsbury |
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