Car buyers seek personal loans

Wed, 09 Dec 2009



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."
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