Sainsbury's: 18.5% of car buyers will use loans

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Sainsbury's: 18.5% of car buyers will use loans

Almost one in five (18.5 per cent) of people intending to buy a car in the next six months will do so with the help of a personal loan, according to Sainsbury's Bank.

The lender claims that the amount the UK intends to borrow to finance new car purchases over the next half a year has increased by 28 per cent on six months earlier.

"Motorists must make sure that they shop around for a competitive rate as they could potentially save hundreds or even thousands of pounds in repayments," said Steven Baillie, head of loans at Sainsbury's Bank

"Our typical APR is currently 6.5 per cent, one of the lowest around."

The bank also claimed that the total number of people looking to buy a car in the coming months is up to 7.85 million after dipping to 7.65 million six months ago.

Last week, AA Insurance recommended its guide, called The Guide to Getting a Better Deal on Your Car, to people who do not feel confident when it comes to buying a used vehicle.

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