Many UK motorists are using personal loans to purchase second-hand cars, according to new research.
Some 17 per cent of the total cost of all second-hand cars bought in the next six months will be funded by personal loans, a new study from Sainsbury's Bank has revealed.
The bank is urging UK motorists to shop around for the best personal loans, to ensure that they do not pay too much interest.
Additionally, Sainsbury's Bank has offered an online valuation tool for those planning to purchase a vehicle, whether using a personal loan or forecourt finance.
Steven Baillie, loans manager at the company, said: "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."
However, Mr Baillie expressed concern that many motorists are unwilling to haggle over the vehicle's price, despite the fact that they could save "hundreds or even thousands of pounds".
Sainsbury's Bank provides a number of options for buying a new vehicle, including personal loans and a car purchase scheme.
Brits using personal loans for second-hand motors, study shows
Brits using personal loans for second-hand motors, study shows
Tue, 07 Nov 2006
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