8 March 2005
An estimated £8.44 billion-worth of near future automotive purchases in the UK will be funded through personal loans, according to Sainsbury's Bank's latest car-Buying Index.
The report revealed that in excess of five million people are intending on buying a new car between February and July 2005 with average spending predicted to be £7,598.
And of the precise 5.4 million planning on making an automotive purchase, nearly 70 per cent will be in the market for a second set of wheels.
The car-Buying Index estimates that one fifth of all the money spent on purchasing these cars will be through loans.
Financial expert Rachel Brereton commented: "Our research indicates that of the amount people spend on buying vehicles, around one fifth is financed through loans.
"We believe therefore that a rise in market interest rates could have had a significant impact on car sales.
"However, this need not affect the amount you are prepared to spend; if you shop around for a competitive loan rate you could save thousands of pounds."
Shop around and compare all UK personal loans at uSwitch.com and find the one to suit your needs.
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