Sainsbury's Bank loans are expecting a boost from car buyers
www.moneynews.co.uk > Personal loans > Sainsbury's Bank loans are expecting a boost from car buyers
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Money News |
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Sainsbury's Bank loans are expecting a boost from car buyers
Mon 7th Mar 2005
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The latest findings from the Sainsbury's Bank Car Buying Index, which tracks the number of people planning to purchase new vehicles, indicates that 5.4 million people intend to buy a car between February and July 2005.
They will spend an estimated £41.04 billion or on average £7,598 each.
Using the 'Drive' scheme, customers can part exchange an existing car and choose a contract of two, three or four years with any level of deposit (even zero).
Monthly payments are then calculated on the balance and the car's depreciation rather than its value as new.
The guaranteed future value of the vehicle is also set with the bank taking the risk of any further depreciation.
At the end of the agreement customers can choose to make a final payment and keep the vehicle, choose another car or return it owing nothing.
Sainsbury's Bank will even deliver the customer's chosen car direct to their door.
'Drive' offers a typical APR of 8.9 per cent.
Meanwhile the bank is also expecting to lend a substantial amount on its personal loans, which are available at a typical rate of 6.5 per cent typical APR.
Related News : Personal loans |
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Related News : Sainsbury |
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