More than a quarter of consumers looking to
finance a new car will be taking out a car loan.
According to car loan provider Sainsbury's bank, there has been
a sharp rise in the number of people intending to finance a new car
in the next six months, with a predicted £63.27 billion set to be
spent.
There has also been an increase in the amount of money car buyers
are looking to take out with a loan in order to finance a new
car.
Approximately 7.85 million people are intending to finance a new
car between March and August this year, which marks a rise of
550,000 people compared to the previous six months.
Between March and August 2005 £41.04 billion was expected to be
spent on financing a new car, with the average car buyer spending
£7,598 each.
This year car-buyers are looking for larger
car loans, as the average consumer is expected to spend £8,059
on financing a new car.
