Car finance bucks trend

Time 9:57 am, September 30, 2008

059375100_1221821760.jpgTHERE’S never been a better time to buy a car.

That’s the message from the NFDA and the FLA, which are keen to point out that economic concerns are not hitting dealer finance access.

‘Although the criteria for some types of finance may have become stricter, dealers are still able to offer a competitive car finance package to all of their customers,’ said NFDA director Sue Robinson.

Indeed, finance penetration is actually going up. New cars bought on finance stand at 50.7 per cent of the market – up from 47.2 per cent at the start of the year.

The value and volume of used car finance agreements is also up by 2 per cent.

Paul Harrison, head of motor finance at the FLA, said: ‘Despite tight trading conditions, our statistics show that new and used motor finance has bucked the trend so far in 2008.

‘Consumers are turning to dealer finance as other sources of finance have become more difficult to access. There is a huge opportunity for dealers in promoting the benefits of secured finance to consumers. Dealers should be talking finance with all visitors to their showrooms.’

What’s more, the associations are driving home to customers the opportunity to pick up a bargain. ‘Consumers can expect a great deal on new cars offered by dealers,’ added Robinson.

‘Following the September plate change, dealers are keen to make sure that consumers get a good deal on a new car. There are a range of discounts available, as well as a wide variety of bespoke finance products to suit most people’s circumstances.’

Her overall message to consumers? ‘Get into a showroom today to find out more.’ Here’s hoping they heed it.

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