|The latest figures from the Sainsbury’s car buying index which tracks consumers’ car purchase intentions, reveal that over half (53%) of those planning to buy a car in the next six months intend to use an unsecured loan or credit card to purchase it. The main motivator for doing so for two in five (38%) is the belief that they can get a better interest rate compared to a finance deal.
When given multiple choice, other reasons included:
Sainsbury’s Bank also offers a Price Promise Guarantee which means that if customers are offered a “like for like” personal loan that has a lower APR with another lender, the Bank will beat it by 0.1%. This is subject to qualifying for the Offer and customers must not have already accepted its loan offer by signing and returning a Sainsbury’s Loan agreement. Car dealership loans and finance are excluded.
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