The level of finance provided for private new car purchases in the 12 months to November 2012 topped £9bn, according to the Finance & Leasing Association (FLA), £2bn above finance provided in the previous 12-month period.
Finance penetration at dealerships in those 12 months was 70.8%, a climb of 0.6ppts on the 12 months to October 2012, setting the fifth consecutive record monthly figure and rising for the 20th straight month.
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During that time, 654,359 new cars and 783,499 used cars were purchased through retail showroom finance, worth a total of £16.5bn.
In November alone new cars purchased privately on finance were up 35% year-on-year by volume to 52,057 units, with a rise by value of 40% to £758m.
Used car purchases were up 5% by volume to 61,485 units, and 10% by value to £587m.
In a statement, the FLA attributed much of the recorded increases to hire purchase, PCP and lease deals offered by lenders through dealerships.
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By GlobalDatarichard.brown@timetric.com
