More car loans to be taken out this year

According to the projections, the number of car loans obtained by British consumers will see an increase later this year.

The Sainsbury's Finance Car Buying Index demonstrates that UK citizens are going to spend £51.3 million on auto purchases over the course of the next six months, which is nearly 40% more than the corresponding figure in September 2008.

19% of consumers who are planning to buy a car in the nearest future are going to apply for a loan in order to fund their purchase.

Steven Baillie, of Sainsbury’s Finance, says it becomes clear that despite the increased car prices people have not been discouraged from making auto purchases.

 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.