Welcome to the Creditplus Car Finance Facts for May 2016 - our monthly look at the trends and data across the UK car industry. May was a big month for the UK's motor industry with the total number of new car registrations for 2016 crossing the one million unit mark.
The car industry is in excellent health, with the number of cars being registered increasing month on month from the previous year. A combination of increased economic confidence, excellent car finance packages and the improved quality and economy of newer models. One interesting statistic was the increase in diesel models being purchased. It seems that despite the Volkswagen emissions scandal and the rumours of tougher taxation for diesel cars, consumers are still interested in the perceived economical factors and MPG that comes with choosing a diesel car over a petrol model.
The strong performance was also reflected here at Creditplus. More and more customers are taking advantage of car finance as a way of funding their new and used cars. The increased protection provided by the Financial Conduct Authority (FCA) has given more confidence to consumers when it comes to applying for car finance. Creditplus have embraced this approach, in fact our ethical lending policy put us ahead of the game.
UK registration data from the Society of Motor Manufacturers and Traders May 2016 report.
If you are considering purchasing a car on finance, we have some handy guides to help guide you through the process.
How does Car Finance work? - An introduction to the basics of car finance and the different products involved.
Am I Eligible for Car Finance? - Many of our customers are unsure if they qualify for car finance. In this blog, we explain what you need to be eligible.
How to Compare Car Finance to get the Best Deal - We want to help you find the best package for your financial circumstances.