The amount of money people expect to spend on a used car is down 8 percent compared with the previous 6 months. Sainsburys Bank gained this information from their regular survey, finding also that nearly 5 million people plan to buy a used car during the coming six month period.
The advice to anyone selling a car then is to be well aware of the state of the market and not to price their vehicle too high. Knowing how the market is going can really help used car sellers position their vehicles at a price they feel will be acceptable and so get a quick sale.
Sainsburys Bank also found that over 15 percent of second hand cars bought would be financed through a car loan, with the average price of vehicle coming in at over GBP4,500.
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As the Moneyback Bank stood at the head of the best buy unsecured personal loan table critics were accusing parent company Alliance and Leicester of manipulation.
The offer that got the Moneyback Bank to the pinnacle was a 5.5 percent rate on an unsecured personal loan of GBP 5,000 over a three year term. However this headline rate is only for those borrowing exactly GBP 5,000. If a different amount is requested then the rate is completely different,with even a one pound difference prompting the rate to rise.
Visiting the website of Moneyback Bank there is a loan repayment calculator there showing a difference in repayments of around GBP 200 if the loan is for just one pound less, This is understandably seen as manipulation of the facts to achieve a promotional ranking in the highly regarded best buy tables though representatives of the bank have denied this is the case.
According to an ICICI Bank spokesman the business is expecting to see an increase in loans provided running through the third and fourth quarters of the financial year.
The bank are confident that their commercial arm will be bringing in a large volume of loan business, with an expectation of twenty percent growth in the consumer sector too. This large growth expectation is fuelled by the reduction in interest rates they have applied, where home loans, car and personal loans have all seen their repayment rates reduced.
The commercial sector is forecast to see growth of around sixty percent according to information coming out of the ICICI Bank, driven primarily by the offering of new product lines to this market. Options will include a number of insurance products, new loan offerings and more banking facilities.
The bank feel that small to medium enterprises in India do not have enough options to meet their varied needs and so are happy to support them with these new products.
