Rising popularity for dealer-provided motor finance in 2011
More than six in ten car buyers used dealer-provided motor finance last year.
Although the figures released by the Finance & Leasing Association (FLA) exclude the final month of 2011, it is hard to deny the payment method’s rising popularity with 61.5% of car buyers choosing motor finance provided through dealers for 11 months of the year.
This proportion is almost ten percentage points up from November 2010.
Paul Harrison, the FLA’s Head of Motor Finance, commented: “Our figures highlight just how important finance sold in dealerships has become in helping people to buy new and used cars. Showrooms are the first choice for buyers because of the range and flexibility of the products on offer.”
The number of new cars bought in November compared with November 2010 rose by 6% or 4% for used cars.
Mr Harrison added: “Looking forward to 2012, consumer confidence will be more important than ever to the performance of the car finance industry.
“But the secured nature of car finance means that lenders can continue to offer some of the best deals for people looking to buy or lease a car.”
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