London (shakespearefinance) March 15, 2008: According to the Sainsburys Finance Car Buying Index, one million fewer people are likely to purchase a car between March 2008 and August 2008 as compared to the transactions in the preceding 6-month period. The research estimates 6.86 million people to purchase a car between March 2008 and August 2008.
The figures further reveal that 30% of the people who intend to purchase a vehicle over the next 6 months will finance at least some of their purchase through a loan. It is estimated that 18.2% of the spending on purchasing vehicles will be through personal loans, equating to around £8.67 billion - down by some £2.13 billion on 6 months ago.
Steven Baillie, Head of Loans at Sainsburys Finance, said: “It is difficult to pinpoint exactly what is behind this decrease and could be due to a mixture of factors such as concerns around much-publicised economic pressures or environmental anxieties.”
The lack of credit in the UK money markets is posing problems for the borrowers to manage personal loans for their day-to-day activities. The interest rates on personal loans are on the increase ever since the credit crisis began.
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