Falling second hand car prices will hit car finance

The falling levels of used car prices is likely to impact on UK car finance loans . Sainsbury’s car finance department indicated last week that the amount of money British people would spend on their used vehicles was going into dramatic decline.

The prolonged impact of the credit crunch, which has caused financial pressure and hit household budgets hard, will shave considerable amounts off the average amount paid for a second-hand car .

This reduction in vehicle prices is likely to strongly affected the vehicle finance market, as car buyers take out smaller loans or simply not choosing a loan at all. The head of loans at the supermarket financial services arm reportedly said the used car spending will be lower in the next six months.

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Falling second hand car prices will hit car finance

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