Loan top choice for one in five car buyers
Published On 7 November 2006
Nearly one in five people arranging their car finance over the next few months will fund their purchase with a loan. Sainsbury's Bank found that 17 per cent of the 5.16 million Brits planning to buy a new car by February will do so with a loan.
In total, the used car market is expected to see £26 billion changing hands over the next four months, with consumers encouraged to shop around for the best loan deals available.
Steven Baillie from Sainsbury's is also urging buyers to make themselves aware of the car's market value, to avoid paying over the odds for their new vehicle.
"Knowing the market value of a vehicle will help to ensure owners get a fair price for it when they come to sell or get the best deal with buying a new one," he said.
Mr Baillie also reminded buyers that negotiating a better deal can reap rewards.
Mr Baillie said: "Haggling is also an important part of getting a good deal and could save hundreds or even thousands of pounds.
"Unfortunately many of us are reticent to do this. Indeed, 50 per cent of people that are planning to buy a second-hand car in the next six months say that they do not plan to haggle or will only haggle slightly."
