Finance & Leasing AssociationFigures released today by the Finance & Leasing Association (FLA) show that the value of new car finance provided to consumers in dealerships grew by 13% in July, compared with the same month in 2013.
In the twelve months to July, the percentage of private new car sales financed by FLA members held steady at 75.2%.
The value of new finance provided to consumers for used cars grew by 20% compared to July 2013.
Commenting on the figures, Paul Harrison, Head of Motor Finance at the FLA, said:
“With double-digit growth continuing in consumer new and used car finance market, the importance of finance to consumers is clear. The challenge now is to make sure that the FCA’s authorisation process for the new regulatory regime goes as smoothly as possible, in order to maintain the supply of affordable credit.”
| Table 1: Cars bought on finance by consumers through dealerships |
|
|
||||
| July 2014 |
% change on prev. year |
3 months to July 2014 |
% change on prev. year |
12 months to July 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Value of advances (£m) |
1,001 |
+13 |
3,259 |
+14 |
13,348 |
+21 |
| Number of cars |
62,688 |
+6 |
204,837 |
+8 |
861,838 |
+14 |
| Used cars |
|
|
|
|
|
|
| Value of advances (£m) |
936 |
+20 |
2,752 |
+22 |
10,060 |
+25 |
| Number of cars |
92,618 |
+14 |
272,814 |
+15 |
1,011,156 |
+19 |
| Table 2: Cars bought on finance by businesses |
|
|
|
|
||
| July 2014 |
% change on prev. year |
3 months to July 2014 |
% change on prev. year |
12 months to July 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Number of cars |
45,973 |
+29 |
119,031 |
+12 |
428,915 |
+9 |
| Used cars |
|
|
|
|
|
|
| Number of cars |
3,369 |
-50 |
10,202 |
-33 |
42,335 |
-36 |
Note to editors:
1. In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.6 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.
