Recent research by Sainsbury’s Bank indicates that more and more people looking to purchase a new car will use a personal loan as their method of car finance .

Sainsbury’s Bank indicate that some 6.85 million people plan to buy a new car between September and March. One quarter of these, the bank say, will take out a loan for some proportion of the purchase. From their research, Sainsbury’s deduce that 18.4 per cent of vehicle finance for new cars will come from personal loans .

Although these figures may sound high, Sainsbury’s Finance have made it clear that over a million less car buyers exist than a year ago. Furthermore, those willing to make a purchase will spend hundreds of pounds less on their car .