Despite a drop in the number of people
forecast to buy a
car in the next six months, many of those choosing a used or
new
vehicle will look for a personal loan to finance their car .
With
banks and
building societies thought to be relaxing
borrowing criteria
for personal loans, many
vehicle buyers may opt for this form of
car finance .
Sainsbury’s Finance forecast that 3.7 million people have
bought or will buy a
used car in the six months running up to February 2010. The
car scrappage scheme is also thought to have affected the
demand for
personal loans and other forms
of vehicle finance .
The head of Sainsbury’s Loans, Steven Bailie, reportedly
commented: It can of course be significantly cheaper to buy a
second-hand car but buyers and sellers could save even more
money if they do their homework. Sellers should for example
ensure they understand the car's value in relation to the
market so that they get the best deal - valuation calculators can
be found online.
