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Car Loan News Sainsbury’s Car Loans Rose 37percent After Scrappage Scheme Launch 18470057

Editorial Team

Sainsbury’s: Car loans rose 37% after scrappage scheme launch

28 October 2009 / by Rachael Stiles

Market analysis from Sainsbury’s Finance has found that consumers have borrowed significantly more in car loans since the Government introduced its car scrappage scheme.

Based on analysis of its own loans business and market share, Sainsbury’s estimates that consumers have borrowed £61.2million worth of loans for the purpose of buying a car since the scheme was introduced, suggesting that the Government has been successful in its mission to stimulate the auto industry. 

Personal loans for car purchase rose 37 per cent in the three month period from May 18, when the scheme was launched, with a monthly average of £61.2million worth of car loans being taken out, up from a monthly average of £44.7million before the scheme was introduced.

Sainsbury’s Finance believes that the scrappage scheme is directly responsible for this increase in the value of car loans, with an average loan value of £7,515 for purchasing a new car.

The Government’s car scrappage scheme, announced in the Chancellor Alistair Darling’s Budget for 2009/2010 in April, allows owners of cars and small vans which are at least 10 years old to trade them in for £2,000 towards the price of a brand new car or van.

Steven Baillie, head of Sainsbury’s loans said: “Since the Government’s scheme has been introduced we have seen a sharp spike in the number of loans people are taking out in order to buy a car, which is hopefully a good sign that the motor vehicle market is coming back to life.”

Mr Baillie recommends that people looking for a car loan should shop around, as finding the best deal could make a big difference to their repayments.

Sainsbury’s personal loans are currently offering a typical APR of 8.0 per cent to Sainsbury’s shoppers applying online with a nectar card, looking to borrow between £7,500 and £15,000. Borrowers can get an instant decision, choose to make no repayments for the first three months, and receive their cheque within 24 hours of acceptance.

Apply online for a Sainsbury’s loan here »

© Fair Investment Company Ltd
 
Lender Min – Max Loan Credit History Representative APR Term Apply
£1,500 – £50,000 Good to Poor Credit 19.1% 2 to 5 Years Get Quotes >
Take charge of your car finance with Zuto. Loans of £1,500 – £50,000 for 2-5 years. Representative Example: The Representative APR is 19.1% (fixed) so if you borrow £7,500 over 49 months at a rate of 19.1% p.a. (fixed) you will repay £218.78 per month and repay £10,501.26 in total. b>
Provider Loan Amount Credit History Rates From Term  
£1,000 to £25,000 Good Credit Only 3.0%

APR
Representative

(£7,500-£15,000)

 1 year to 5 years Get Quotes >
Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 3.0% APR Representative. A loan of £10,000 over 5 years will cost you £179.68 per month at a representative 3.0% APR. The total cost after 5 years is £10,780, which includes £780.80 interest at 3.0% fixed and a £0 fee. The total amount of credit is £10,000. The rate and fee you are offered will depend on your individual circumstances
£1,000 to £20,000 Good Credit Only 3.00%

APR
Representative

(£7,500-£15,000)

 1 to 5 years Get Quotes >
Loans from £1,000 to £20,000. Instant online decision. Representative 3.0% APR. Based on a loan amount of £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed). Monthly repayment of £179.51. Total amount repayable £10,770.60.
£2,500 to £25,000 Good Credit Only 3.3%

APR
Representative

(£5,000-£25,000)

 2 to 5 years Get Quotes >
Loans from £2,500 to £25,000. Fixed monthly payments and no set-up charges. 3.3% APR Representative. A loan of £5,000 over 3 years will cost you £135.61 per month at a representative 3.3 APR. The total cost after 5 years is £8,136.60. The rate and fee you are offered will depend on your individual circumstances
£1,000 to £20,000 All Credit Histories Considered 42.5%

APR
Representative

 1 to 6 Years Get Quotes >
Rebuild Your Credit. Instant Online Decision using ‘soft’ credit searches (Won’t affect your credit score). Funds as soon as same day. No early repayment fees. Dedicated Customer Support Team. Representative Example: If you borrow £3,000 over 3 years at a rate of 31.9% per annum (fixed) you will repay £137.31 per month & £4,943.25 in total.
£1,000 to £20,000 All Credit Histories Considered 99.90%

APR
Representative

 1 to 2 Years Get Quotes >
Interest Rates from 35.9% – 99.9%, depending on the information you provide in your application. Fixed monthly repayments. Instant Online Decision. Representative Example: The Representative APR is 99.9% – Based on an assumed loan amount of £1,500 over 24 months at an interest rate of 71.3% p.a. (fixed) you would pay £118.88 a month and £2,853.12 in total.
Lender Min – Max Loan Credit History Representative APR Term Apply
£7,500 – £14,999 Excellent Credit Only 3.90% 1 to 5 Years Get Quotes >
3.90% APR for new customers. 3.60% APR for existing customers. Loans of £7,500 – £15,000 for 1-5 years. Representative Example:If you borrow £10,000 over 5 years at a Representative rate of 3.9% APR fixed and an interest rate of 3.90% you would pay £183.41 per month. Total charge for credit will be £1,004.48. Total amount repayable is £11,004.60. b>
£7,500 – £20,000 Excellent Credit Only 4.44% 1 to 5 Years Get Quotes >
All
£1,000 – £25,000 Excellent Credit Only 7.00% 6 Months to 5 Years Get Quotes >
Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 7.0% APR Representative. Based on an assumed loan amount of £5,000 over 24 months at an interest rate of 7.0% p.a. (fixed). Monthly repayment £223.86. Total amount payable £5,372.64
£1,000 – £20,000 Poor Credit 48.50% 1 to 3 Years Get Quotes >
Provider Loan Amount Credit History Rates From Term  
£10,000 to £250,000 Good Credit Only 4.45% 3 to 25 Years Get Quotes >
£20,000 to £100,000 All Credit Histories Considered 4.45%

APR

 3 to 30 Years Get Quotes >
£15,000 to £200,000 All Credit Histories Considered 4.49%

APR

 3 to 25 Years Get Quotes >
£20,000 to £100,000 Fair Credit 6.74% 3 to 30 Years Get Quotes >
£10,000 to £50,000 All Credit Histories Considered 9.0%

APR

 5 to 25 Years Get Quotes >
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Provider Min – Max Loan Credit History APR Term Max LTV Apply
£5,000 – £80,000 Fair Credit 9.95% 3 to 25 Years 60% Get Quotes >
£10,001 to £50,000 Poor Credit 15.00% 5 years to 25 years 70% Get Quotes >
£10,000 – £500,000 All Credit Profiles Considered 15.10% Typical
(Variable)		 3 Years – 25 Years Up to 90% Get Quotes >
The Loans Engine are a broker, not a Lender. The Loans Engine will connect you with a Lender suitable for your needs. They do not charge you an upfront fee but if your application is successful a Broker commission may be charged.
£3,000 to £10,000 Fair Credit 19.60% 3 to 10 Years 90% Get Quotes >
£5,000 to £10,000 Poor Credit 30.60% 3 to 10 Years 120% Get Quotes >


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Lender Min – Max Loan Credit History Representative APR Term Apply
£1,000 – £25,000 Excellent 7.90% 6 Months to 5 Years Get Quotes >
Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 7% APR Representative. Based on an assumed loan amount of £5,000 over 24 months at an interest rate of 7.0% p.a. (fixed). Monthly repayment £223.86. Total amount payable £5,372.64
£1,000 – £2,999 Good Credit Only 13.70% 1 to 5 Years Get Quotes >
3.90% APR for new customers. 3.60% APR for existing customers. Loans of £7,500 – £15,000 for 1-5 years. Representative Example: 3.90% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 3.90% p.a. (fixed). Monthly repayment £183.41. Total amount payable £11,004.60. b>
£1,000 – £2,999 Good Credit 21.14% for loans up to £2,999 1 to 5 Years Get Quotes >
All
£1,000 – £20,000 Poor Credit 48.50% 1 to 3 Years Get Quotes >
£1,000 – £5,000 (Guarantor Loan) All Bad Credit Considered 53.80% 1 to 5 Years Get Quotes >

Fair Investment Company is independent and provides a selection of some of the leading loan deals available. Our service does not compare or contrast all of the loan deals currently available in the market. If you would like to arrange any of the products shown in the table please click on the “Apply” link which will take you to the provider’s website where you will be able to view further details of the product and apply online.

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