Easy Car Loans In 2010:Car buyers will find it easier to get finance for their next car over the next 12 months.

Credit availability – the amount of money which can be borrowed – is going to stay the same or improve according to almost two thirds of UK car manufacturers in a report published by accountancy firm Deloitte.

The announcement coincides with new figures taken from the Sainsbury’s Finance car buying index, which reveal a 47 per cent increase in the number of people planning to buy new, pre-registration or used cars in the next six months.

Of those, 24 per cent said they intended to use a car loan to finance some or all of the vehicle’s cost.
Experts forecast car buyers will spend a total of £49.1bn in the next six months – a 25.9 per cent increase on the previous six months and the highest expected since September 2008.

Around 15 per cent of the total amount spent on cars in the next six months will come from personal loans.

Steven Baillie, Head of Loans at Sainsbury’s Finance, said: “Recent figures showed a significant rise in new car sales in February and our index suggests the trend – despite the end of the scrappage scheme – is set to continue in the coming six months.

“There are concerns that continued financial instability as well as uncertainty over the coming election will put people off buying new or used cars. However, the decline in new car sales in 2009 seems to have generated a better market for second-hand sellers. The likelihood is that many people will now be surprised at how much they can get for their existing car and will be looking to upgrade.”

Sainsbury’s Finance are just one of the lenders car buyers can compare using Auto Trader’s finance search engine. It allows borrowers to search car loans from more than 200 providers.

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