Car Set
Drivers Advised To Take Time Choosing Loan For Car Purchase
More than a million car purchases are set to be funded through a loan, a new set of figures indicates.
In research released by Sainsbury’s Car Loans, consumers are revealed to be on track to spend more money on motor vehicles. The news comes as some 5.35 million people are looking to purchase a second-hand car in the six months leading up to the end of February 2008, with the average Briton due to spend 4,648 pounds – a cumulative amount of 24.87 billion pounds – whether this is funded through savings, personal loans, showroom deals or otherwise. However, in the firm’s preceding study the typical expenditure on second-hand automobiles stood at 4,056 pounds per person – a total of 22.23 billion pounds.
Overall, those living in London are the most likely to purchase a second-hand car in the next six months, as some 17 per cent of people in the capital are aim to make such a purchase. Meanwhile, 14 per cent of residents in both Wales and East Anglia are also looking to buy a vehicle. On the other hand, people from the east Midlands are the Britons who are least planning a car purchase, with only seven per cent of respondents from the region looking to do so.
In addition, research from the financial services firm also showed that about a fifth (18 per cent) of second-hand Cars Set to be purchased over the next six months will be financed via loans. As a result, the company advised prospective buyers to take the time to ensure that they get the best deal possible.
Commenting on the figures, Steven Baillie, head of Sainsbury’s Loans, said: “Our findings reveal that people are looking to spend more on their second-hand car purchases compared with six months ago. Sellers need to make sure they not only research the market value of their vehicle to ensure they get a good price, but that they have shopped around for the best finance package when they come to buy a new one.”
However, Mr Baillie indicated that prospective purchasers could be putting themselves under unnecessary financial pressure through a general reluctance to haggle on the cost of a car. According to the loans expert, about half of those aiming to purchase a vehicle will either only barter with dealers slightly or avoid trying to negotiate at all. Despite this unwillingness, he suggested that doing so could save motorists “hundreds or even thousands of pounds”. Consequently, it is possible that haggling could help many consumers meet various financial demands, such as rent and utility bill costs, mortgages or even repayments on the personal loan they took out to buy the vehicle in the first place, with greater ease.
As a result, those consumers looking for an effective way of funding a vehicle purchase may wish to opt for a personal loan, which can often prove to be a much cheaper option than plumping for the finance deals offered by car showrooms. In addition, taking out such a loan could help drivers meet the various expenses of having a car beyond making the initial purchase. A study conducted by Zurich earlier this year showed the average motorist spends some 1,776 pounds 62p per annum on everyday driving expenses such as parking, vehicle tax, fuel and repairs.
About the Author
Tom Dawson writes for Essentially Home Loans where visitors can apply for secured loans online, we also specialise in bad credit loans for UK residents. Visit Today: http://www.essentiallyhomeloans.co.uk
Just wondering the reseasoning for rear-facing car set at 1 year?
I wondered why this has not changed used to be that way I'm not saying, but I beinterested the reasoning behind it, especially if Your Child feels good or is even walking List Tyring not being a smart a ** but how do I believe that the subject matter that the impact where it is. Ex rear-facing seat head you are beaten the head is you stand there, you get the idea? Thank you very much I can see his point now makes more sense to spend on me
This has been the norm for a long time now. I remember that the rule be there when my 14 Year Old was a baby. I found this on a website: Babies do not have body parts that are the strong enough to withstand crash forces, so the Car Seat facing backward distributes the impact force along the entire back, neck and head, placing less emphasis on a body part. The baby head, which is large and heavy for a delicate yet supportive neck, is also more support with seat rear-facing safety. The incidence of severe head and neck injuries in babies is reduced considerably in safety seats facing backward. Baby "Travel time down", or the time it takes to get to a complete stop, it is also lengthened, reducing injuries, reducing body trauma in a sudden stop. Additional support in addition to the way a car that rear-facing seat "ride down" in an accident gives her baby the best chance of survival and less risk of injury in an accident. The simple way to estimate the force is the weight times speed accident. So a 10-pound baby in a 30 mph crash would experience 300 pounds of force. A extends to the rear of the car seat that 300 pounds of force on a larger body area, causing less harm the baby. Prevention is better than cure!
