One in five used car motorists use car credit

A new report published by Sainsburys Finance has shown that car credit could help up to 4.9 million people buy a used car this year. Sainsburys documented that almost one in five (17 per cent) of used car purchases in the next six months will be facilitated by car credit. Motorists assisted by car credit are using both secured and unsecured personal loans to purchase their vehicle. This gives them a wide range of choices, and ensures the resources they need to get the vehicle they want, and everything they want out of it. The findings by Sainsburys show that of people who opt to purchase a used car, they are likely to spend £4,636, making a total market spend of £22.76 billion. The Sainsburys report offers various pieces of advice to car credit customers to help them make the most of their investment. Head of personal loans at Sainsburys, Steven Baillie, explains: "Its important that people remember to haggle when negotiating any car purchase, as haggling can save the buyer an average of £1,468." Car credit customers make up such a large share of the motoring market, as the Sainsburys report shows, that more and more advice such as this exists to help them optimise their investment.

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