UK car finance figures showed strong growth in November 2013, with volumes rising 18% year-on-year, according to the latest data collected by the Finance and Leasing Association (FLA).
The value of advances made to consumers also grew in November with £878m advanced in the month. This marked a 16% increase on November 2012 and an year-on-year increase over the 12 months to November of 28%
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Overall, the advances made in November took the 12 month total to £7.88bn.
November also saw a rise in the number of new cars financed compared to 2012 with nearly 56,000 new vehicles financed, a 7% increase on the previous year.
Penetration rates, however, dropped from the high of 74.5% in August to 74% in November, according to the FLA.
Used car finance fared even better in November with a rise of 22% on the amount advanced the year before. £720m was lent in November which financed the purchase of over 72,000 used cars that month.
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By GlobalDataIn the 12 months to the end of November the finance industry had lent 19% more than in the previous 12 months with £8.5bn advanced for the purchase of used cars, a figure which exceeds the 2.8% rise in used values reported by BCA to December 2013.
Business car financing agreements for FLA members were flat for the twelve months to November at 398,503 cars but the year-on-year figures were up 10% at 33,052 for the month. Used cars saw a crash of 48% in November compared to the previous year which helped drag down the 12 month total by 11% to just over 58,000 cars financed.
