LATEST figures released by the Finance & Leasing Association (FLA) show that consumer new car finance volumes remained 11% up in the twelve months to January.
Conversely, they fell by 3% in January 2015 when compared with the same month last year.
Consumer used car finance volumes were up by 3% this January and by 12% over the past 12 months
FLA member dealerships have reported reaching a new private new car sales finance high of 76.2% for the period of January 2014 to January 2015.
Consumer used car finance volumes were up by 3% this January and by 12% over the past 12 months.
Head of Research and Chief Economist at the FLA, Geraldine Kilkelly, said;
“Consumer new car finance volumes over the last twelve months grew at a faster rate than private new car sales, and so we saw a new record high for the market share of dealer car finance.
“Despite the quiet start to 2015, we expect the consumer car finance market to grow in 2015 as a whole.”
Last year, FLA members provided £99.5 billion of new finance to households and businesses in the UK. £74.1 billion of this was in the form of consumer credit, representing over a third of all unsecured lending in the UK.
£32.4 billion of these funds supported the purchase of both new and used cars, including over three-quarters of private new car registrations.
