27 April 2006
A total of £27.05 billion will be spent on second hand cars between now and August, according to a personal loan provider.
Around 5.3 million people plan to buy second hand cars between now and August, according to Sainsbury's Bank. It is urging customers to carry out proper research in order to gain a fair price.
Steven Baillie, loans manager at Sainsbury's Bank said: "It's important to be well informed before buying or selling any car. Having knowledge of the car's market value will help you get a good price and protect you from losing out on a deal.
"You should also be prepared to haggle when buying a car as it could save you hundreds or even thousands of pounds."
The bank not only offers a personal loan with an online rate of 6.1% APR to those looking for a new vehicle, but also offers a specialised car purchase scheme.
The 'Drive' feature allows customers to trade in their old car as well as choose a length of repayment from two, three or four years. They can also select the deposit amount. The typical APR for Drive is 8.9%.
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