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Car loans popular for used car purchases

A new survey has revealed that millions of drivers in the UK will purchase a used car before next February, according to Motor Trader.

A new survey has revealed that millions of drivers in the UK will purchase a used car before next February, according to Motor Trader.

The study, conducted by Sainsbury's Bank, revealed that of the 5.5 million people poised to purchase a second-hand car within the next few months one in six of those will do so using used car finance.

It was also noted by the website that motorists could pay more for their used car, as it was found that between March and August this year consumers reported a 12 per cent rise in the amount they were willing to spend.

The bank said that this would work out at an average spend of £4,648 for each used car bought in the UK within the last six months.

Steven Baillie, the bank's head of loans said: "Our findings reveal that people are looking to spend more on their second-hand car purchases compared with six months ago."

Earlier this month Auto Trader magazine revealed the Ford Focus RS as Best Used Car in its annual honours.


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