Brits 'still unwilling to splash out on cars'

By Sarah Engle, Tue 2 Sep 2008 - Published in Loans

During the next six months some 18.4 per cent of the total amount of money spent on buying vehicles in the UK will be financed through personal loans, according to Sainsbury's Finance.

The group has claimed this is equivalent to Ł9.14 billion.

However, the number of people planning to buy a car in the next six months remains at a three-year low, the company stated.

Nevertheless, although the number of car buyers has remained low, research by Sainsbury's Finance has revealed an increase in the expected spend on a new car.

Over the next six months it is predicted that Ł49.6 billion will be spent on buying cars, a rise of Ł2.1 billion on the same period last year.

Commenting on the findings, Steven Baillie, head of loans at Sainsbury's Finance, said: "Unsurprisingly, given the economic doom and gloom that has dominated much of the media … we see little change in the number of people looking to buy a car."

In related news, Alliance & Leicester has claimed motorists who organise a same day loan could negotiate a better deal on a new car.

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