By John Simpson 12 March 2012
Car buyers put aside their post-Christmas cutbacks to take advantage of low rate car finance, according to January’s car finance figures.
Data from the Finance & Leasing Association indicates 33,271 new cars were acquired by consumers using car finance at the start of the year, 24% more than in January 2011.
Typically a quiet time for car sales, Paul Harrison, Head of Motor Finance at the FLA - a trade association for the motor finance sector - believes that buyers were swayed by lower deposits and the low-rate deals offered by lenders; many at 0% interest. The value of advances in January also rose by 42% on the same month last year to £459,000,000.
Businesses also swooped on the low interest offers with the number of cars acquired through car finance rising by nearly a fifth (19%) to 28,832.
Mr Harrison commented: “These figures are striking for January, when customers often reduce expenditure after Christmas.
“But good offers at dealerships have attracted customers– and people have taken full advantage of the low rates available on motor finance.”
These positive figures mark a continuation in the popularity of car finance seen over 2011 which saw more than six in ten car buyers using dealer-provided motor finance despite a minor 1% drop from the business sector.
Categories: Fleet news , FLA
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