Analysis

August was a particularly strong month for personal contract purchase agreements, which grew 54% by value to £432m in the new car finance market, and 46% to £198m in the used car finance market. By contrast, hire purchase grew by 1% in the new car market to £124m and by 21% to £485m in the used car market.

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FLA head of motor finance Paul Harrison said: "The increase in the proportion of sales using personal contact purchase shows that many customers are sensibly choosing to finance their purchases in a way which is both affordable and flexible."

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