This rise in dealer finance sales continued through the September plate-change month with 170,000 new and used cars, worth more than £2bn, bought by consumers using point of sale funding.
The latest figures from the Finance & Leasing Association (FLA), which includes manufacturer-backed low interest deals, show a 34% year on year rise on sales of new car finance and a for new cars and a 1% increase in advances for used cars.
Finance sold in showrooms now funds 69.3% of all consumer new car purchases.
“Car dealerships are offering affordable, flexible and widely accessible finance arrangements across the UK and this has played a key role in sustaining significant lending growth and we expect the trend to continue in the months ahead,” said Paul Harrison, FLA’s head of motor finance.
The total number of cars bought using dealer finance equated to over a third of all new cars registered in September.
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