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Brits 'seeking loans to purchase cars'
One in five people in the UK who are planning to purchase a car in the next six months will do so through the use of a personal loan, new research has suggested.
The figures from Sainsbury's Finance Car Buying Index also suggested that 7.68 million people intend to buy a car between September 2010 and February 2011, which marks a 49 per cent rise on research from 12 months ago.
It also found that consumers expect to spend an average of £6,642 on cars in the coming months.
Steven Bailie, head of loans at Sainsbury's Finance, said the research shows that the number of people looking to buy a car is picking up again.
He added that the planned rise in VAT, expected in January 2011, could be another reason why buyers are looking to purchase a car in the very near future.
Previous figures from Sainsbury's Finance suggested that a total of £12 million was taken out to fund surgery of some form during 2009.