UK Drivers to Borrow £9.4bn For Car Purchases by March 2006
Research by Sainsbury's estimates over £9bn will be borrowed for buying cars
29th November 2005
Sainsbury's Bank have estimated that the nation's drivers will take out £9.4bn worth of loans before March 2006 to fund car purchases.
However, borrowers may be short changing themselves by not shopping around, as 37.8% of people surveyed admitted that they only got one quote before deciding to borrow. Another 13% settled for only 2 quotes.
Steven Baille of Sainsbury's said:
"Millions of people could still be throwing money away by not comparing interest rates when taking out a loan. With so many providers now offering quotes online, it can be really quick to shop around for a good deal."
Twenty seven per cent of car buyers said that they would take out a loan to finance part or all of their purchase, with almost a half of these using a loan to pay for between a quarter and a half of the price.
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