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Brits 'using loans to buy second-hand cars'
People across the UK are choosing to use loans to fund their purchase of second-hand cars, according to new research.
The study by Sainsbury's Finance found that around 13 per cent of the cost of purchasing such vehicles is being financed through the use of personal loans.
It has found that 3.7 million people intend to buy second-hand cars in the period up until the end of February 2010, with each of these consumers planning to spend an average of £5,323.
Steve Bailie, head of Sainsbury's Loans, said those looking to purchase such cars should "do their homework" before agreeing to any deals.
He explained: "Buyers should remember to haggle, which can save them hundreds or even thousands of pounds, and if they are financing their purchase through a loan, they should shop around for the best loan rate available as well."
The Finance & Leasing Association recently called on people to spend sensibly over the coming Christmas period, while the body added that those who need credit should shop around for suitable loans.