Tuesday, May 23, 2006
Category:
Secured Loans
Around 5.3 million Britons are intending to purchase a second hand car before August, new research has found.
Those planning to buy a second hand motor intend to fork out £5,104 each, totalling £27.05 billion, according to Sainsbury's Bank.
This figure is 11.4 per cent higher than the period from October 2005 to March 2006 when 5.06 million Britons were proposing to pay £4,799 each for a second hand car, or £24.28 billion in total.
Sainsbury's Bank is advising potential car buyers to research the value of a vehicle carefully before making a purchase.
"Having knowledge of the car's market value will help you get a good price and protect you from losing out on a deal," commented Steven Baillie, loans manager for Sainsbury's Bank.
"You should also be prepared to haggle when buying a car as it could save you hundreds or even thousands of pounds."
Many people are expected to seek out low APR personal loans in order to finance their car purchase.
