NEW and used car consumer finance is on the up, according to the latest figures from the Finance & Leasing Association.
The FLA says the point-of-sale new car finance market saw a 17 per cent increase in new business growth by volume and 24 per cent by value in November 2015, compared with the same month in the previous year.
The percentage of private new car sales financed by FLA members through dealerships reached 80.9 per cent in the 12 months to November – up from 80.1 per cent in the 12 months to October.
Meanwhile, the point-of-sale consumer used car finance market also saw strong growth in November, with new business up 18 per cent by volume and 22 per cent by value.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘The growth in new business in November reflects the continuing strength of consumer confidence. The point-of-sale consumer car finance market is likely to report growth in new business volumes for 2015 as a whole of nine per cent, in line with expectations.’
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