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Car finance 'an option for many people'

A large portion of consumer borrowing is used for car finance, according to Sainsbury's bank.

A large portion of consumer borrowing is used for car finance, according to Sainsbury's bank.

Steve Baillie, head of loans at Sainsbury's Bank, said this week that although many people were considering loans for things like home improvements, a number of people were looking at car loans to secure a new vehicle within the next six months.

"The car and van market outstrips the home improvement market; just over 30 per cent of our customers are using loans for that," he said.

He added that customers seeking new and used car finance would tend to peak around March and September and that often people would consider a car loan ahead of looking at vehicles.

"Research that was carried out in March/April time revealed that 18 per cent of those customers planning to buy a car in the next six months were planning to do so with a loan," he concluded.

Earlier this month, the Thrifty Scot advised that consumers looking for approved car finance should look at options for car credit before heading to the forecourts.


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