Creditplus Car Finance Update

Apr 26 2010 Recent car finance market statistics published by the Finance & Leasing Association show growth in the used car finance market in February, as well as in the new car finance market. This is great news for the motor industry which has struggled over the last couple of years during the credit crunch.

The overall volume of used cars sold to consumers on car finance grew by 3% with average loan values by 11% in February.

The used car finance increase coincides with the increase of new cars bought by consumers with car finance. This has remained strong with the market growing by 49% in the first quarter of 2010 compared with the same period 12 months ago. The number of new cars sold on car finance in February was 29% higher than in February 2009, although car sales were very slow in the first two months of last year.

In February´s car finance figures, The FLA, said:
"It is a sign of increased consumer confidence that both the new and used car finance markets are up. We may well be seeing a return to a more settled car-buying as Government incentive schemes come to an end.

"We expect growth to continue into March, particularly as many customers will have delayed buying a new car and waited for the release of the ´10 registration plate.”

More from Financial and Loan News Motoring News

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