11:35 am, January 16, 2015
FIGURES released today by the Finance & Leasing Association show a seven per cent growth in consumer new car finance volumes during November 2014, compared with the same month the previous year.
In the 12 months to November, this market reported growth of 13 per cent.
The percentage of private new car sales financed through dealerships by FLA members held steady at 75.9 per cent over the same period.
There was modest growth also in consumer used car finance volumes, up five per cent on November 2013. In the 12 months to November, this market reported volumes up by 15 per cent.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘Car finance provided through dealerships is popular with consumers because of the range of finance products on offer.
‘Personal Contract Purchase (PCP) has become a popular choice for many consumers, reflecting a change in attitudes to car ownership.
‘But many customers still want to own their car outright and as a result we have also seen growth in hire purchase over the last year.’
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