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Buying a new car

Finance for your new car

Buying a new or used car is a big decision – it needs to fit your lifestyle, taste and, perhaps most importantly, your budget.

Nearly 1 in 5 drivers are planning to change their car in 2019,* and how they finance the purchase is the key question when shopping around.

 

Buying a new car

Our research shows the top 5 ways people will finance their next car are:

  1. From savings (35%).
  2. Spare cash from my account (15%).
  3. Finance plan from the dealer – such as lease or personal contract (11%).
  4. Personal loan – for example from a bank or building society (10%).
  5. Loan finance from a dealer (7%).

Once you've decided how to fund your new car, you'll need to set a budget – and then attempt to stick to it.

This is one area where age does seem to matter. The research shows drivers over 65 are 6 times more likely to be spending over £25,000 than those aged 18–24.

But while older drivers are likely to spend more on a new car, there are more younger drivers planning a purchase in 2019.

Age of drivers planning to buy a car in 2019

Age
Per cent
18–24
33%
25–34
26%
35–44
26%
45–54
22%
55–64
19%
65+
14%
UK average
19%

 


Whatever your age or car-buying intentions, AA Financial Services can offer you a range of personal loans and savings accounts. Loans are provided by Bank of Ireland UK. AA Financial Services Limited is a credit broker and not a lender. AA Savings accounts are provided by Bank of Ireland UK.


* Populus online poll of 20,410 AA Members, 13–19 November 2018. Populus is a founding member of the British Polling Council and abides by its rules.

A car loan that meets your needs

Whether it’s a new or used car, an AA loan could help you to get on the road.