Motor finance increasingly popular
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Posted by Glyn Jones
Dealer motor finance is the first choice of British driver's looking to purchase new cars, figures reveal.
The Finance and Leasing Association reported that 61.5% of consumers buying a new car in the year until November 2011 used motor finance - almost ten percentage points up from the previous year.
What's more, the rising demand for dealer finance has resulted in 6% growth in the number of new cars bought in November 2011 compared to November 2010.
The sector has also seen a 4% increase in used car sales in the year to November 2011.
Paul Harrison, head of motor finance at the Finance and Leasing Association, stated: "Our figures highlight just how important finance sold in dealerships has become in helping people to buy new and used cars."
The release of the figures follows research from the British Vehicle Rental and Leasing Association showing that business fleets in the UK are currently driving new car sales, accounting for nearly 60% of all new car purchases.
