Car dealer finance sees increased popularity
Car dealer finance sees increased popularity
Car finance sales in May 2010 were up by 15 per cent year-on-year as more people used car salesmen to purchase their new motor, new figures have revealed.
The Finance & Leasing Association noted that more than half of those who bought a car in the month used dealer finance to fund their acquisition.
Business purchases of new vehicles also used the same format, an increase of 21 per cent in May compared with the same time a year earlier.
Paul Harrison, head of motor finance at the organisation, said that car dealers were offering value-for-money which has led to customers continued buying.
He added: "This has meant that the amount of dealer finance provided to consumers for new cars has grown by a fifth in the last 12 months compared with the previous 12-month period."
Earlier this month, figures from SMMT revealed that new vehicle registrations increased by 10.8 per cent in June 2010.
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