156,835 new cars were bought on finance in September, according to the Finance & Leasing Association (FLA), up 10% year-on-year.

The value of the finance sold was £2,640m, 16% more than the value in September 2014.

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This was slightly ahead of new car registration increases, which the Society of Motor Manufacturers and Traders said was up 8.6% over the same period.

It was a similar story in the used car market. 101,018 used cars were bought on finance, meaning 10% more used cars were bought on finance in September 2015 than the same month 2014. The value of advances was up 13% to £1,082m in the same period.

48,583 new cars were bought by businesses on finance, up 4% year-on-year, while 4,013 used cars were bought by business, up 13%, over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "In September, the point-of-sale consumer car finance market has continued to grow in line with our expectations for 2015 as a whole. The range of finance products available to consumers through car dealerships has contributed to more than four years of consecutive monthly growth in new business volumes."

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