12 October 2006
New research from Sainsbury's Bank has found that consumers intend to spend around £69.4 billion on new cars in the next six months.
And one in three people (29%) who intend to buy a car also plan to finance part of their purchase with a loan.
The new findings from the Sainsbury's Bank Car Buying Index have indicated a continued rise in the number of people planning to buy a car and a significant increase in the amount of money they intend to take out through loans to purchase them.
Steven Baillie, Sainsbury's Bank, said: "We found that almost a third (29%) of people who intend to buy a vehicle over the next six months will finance at least some of their purchase through a loan.
"Indeed our findings estimate that of the total amount of money that will be spent on buying vehicles, around 18% will be financed through personal loans.
"This figure equates to £12.49 billion in loans, which represents a £2 billion increase on the previous six months."
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