One in four will buy with car finance

The most recent Sainsbury's Finance Car Buying Index shows that one in four (27%) of people who intend to buy a vehicle over the next six months will use car finance to cover at least some of their purchase.

The findings suggest that of the total amount of money that will be spent on buying vehicles, around 18.4% will be financed through car finance. This is a total car finance amount of around £9.14 billion, representing a drop of £0.5 billion from six months ago.

The fall in car finance is not surprising, given the three-year low in the number of people planning to buy a new car.

However, even though numbers of car buyers remain down, the index does show a slight increase in the expected spend on a new car, with £49.6 billion to be spent on purchasing cars over the next six months. This is a £2.1 billion increase on the previous September 2007 to February 2008 figures.

Steven Baillie, Head of Loans, Sainsbury's Finance said: "One good bit of news for the industry is that those people who want to purchase a car are willing to spend an average of £300 more than they were six months ago."

Accept Car Credit Finance Deals

Are you looking for car credit finance or a car credit loan? For more information contact us or click here to apply.