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Consumers 'should shop around for car loans'
People who are looking to use personal loans to fund their purchase of a car should shop around for the best deals, an expert has advised.
Steven Bailie, head of Sainsbury's Loans, said that consumers could save "a considerable amount of money" by comparing and contrasting the range of rates which are available to them.
He made the comment after research by the company suggested that a growing number of people would be prepared to haggle over the price of a car when aiming to make a purchase.
It also found that motorists could save up to £163 million over the next six months by doing so.
Discussing the issue, Mr Bailie said: "With the car scrappage scheme and lower VAT both things of the past, car buyers will need to find other ways to lower the cost of their purchases. Haggling is really worth considering."
Recent research by Bright Grey hinted that almost a third of UK adults are planning to borrow through credit cards and loans in order to fund holidays in the near future.