Sainsbury's Bank: Find competitive loans for car buying

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Sainsbury's Bank: Find competitive loans for car buying

Those people looking to buy a new set of wheels are being encouraged to shop around to find the most competitive loan to finance the purchase.

Research carried out by Sainsbury's Bank indicates that approximately 16 per cent of the purchase of a new car will be financed through a loan.

Sainsbury's Bank loans are available from a rate of 6.5 per cent and are believed to be some of the most competitive on the market.

Steven Baillie, loans manager, Sainsbury's Bank said: "Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay, and if you are financing the purchase with a loan, you also need to make sure that you shop around to find the right option for you."

In addition to providing competitively priced Sainsbury's Bank loans, the group also offers its own car purchase scheme, with customers being able to negotiate discounts on a variety of different makes and models.

Research by the group indicates that consumers could save up to £1,585 on the price of a new car by haggling.

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