Sainsbury's Finance has informed that British citizens are applying for personal loans in order to pay for home improvements and purchase cars.

A recent research has made it clear that during the next six months of the current year more people will apply for personal loans in order to buy a car.

The study by Sainsbury’s Finance has shown that nearly a quarter of consumers who are planning to buy a new or used vehicle in the next six-month period would be trying to take out a personal loan to enable the purchase. Many of the respondents are going to use only a part of their personal loans for buying their car. The number of consumers who are planning to apply for a loan in order to pay for the whole cost of the car is also large.

Steven Baillie of Sainsbury’s Finance said that in general, such figures were rather encouraging for the car industry. The February industry figures revealed a substantial surge in new car purchases and the index of Sainsbury’s Finance showed that in spite of the fact that the scrappage program ends this tendency was likely to be continued.

Earlier this month, the major international accounting and consulting firm Deloitte informed that personal loans for cars would probably become easier to get over the next twelve months.


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