The value and volume of finance used by consumers to purchase new and used cars was up year-on-year in July, according to figures from the Finance & Leasing Association (FLA).
In new cars, the value of finance supplied by FLA members rose 31% on July 2012 to £889m, across 59,184 cars, a rise of 21% by volume.
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In the May-July period, 190,046 new cars were bought on finance worth £2.85bn, a 25% rise by volume and 31% rise by value. In the 12 months to July, 754,587 new cars, up 27%, were bought on finance worth £11.03bn, up 33%.
The rolling 12-month figure for new car finance penetration by FLA members hit 74.1%, up from 73.6% in June.
Used car finance was up 22% by value year-on-year in July to £769m, and up 18% by volume to 80,676 vehicles.
From May to July, 234,713 used cars (up 17%) were bought on finance worth £2.23bn (up 22%). In the 12 months to July, 845,216 used cars (up 10%) were bought on finance worth £7.97bn (up 14%).
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By GlobalDataPaul Harrison, head of motor finance at the FLA, attributed the positive figures to the "competitive deals" available and renewed "confidence", two facets acknowledged today by the Society of Motor Manufacturers and Traders, which has reported growth in overall car retail.
richard.brown@timetric.com
