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Car loans could help millions buy a used car this year

Nearly five million people are planning on buying a used car by August and a car loan could help them do it.

Around 4.9 million people are planning on buying a used car in the six months up to August, Sainsbury's Finance has reported.

The average price they will pay for a used car is expected to be £4,636, making a total spend of £22.76 billion, the research revealed.

Sainsbury's Finance is advising consumers to do their research before entering any negotiations over a used car, especially if they are selling.

Head of personal loans Steven Baillie said sellers must know the market value of their car to ensure they get a good price and advised buyers to haggle.

"It's important that people remember to haggle when negotiating any car purchase, as haggling can save the buyer an average of £1,468," he said.

"Despite this our findings show that over half of people who are intending to buy a second-hand car in the next six months say they do not plan to haggle or they may only haggle slightly."

Sainsbury's said nearly one in five (17 per cent) of used car purchases in the next six months will be financed by loans, including secured loans.

Research carried out by British Car Auctions (BCA) earlier this year found that blue is the most popular colour of used cars, closely followed by silver.

Orange was the least popular colour.

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