The consumer car finance market reported new business volumes up in March 2022 by 2% compared with the same month in 2021, according to new figures released by the Finance & Leasing Association (FLA).

The corresponding value of new business grew by 8% over the same period.

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In Q1 2022 as a whole, new business volumes were 18% higher than in the same quarter in 2021.

The consumer new car finance market reported a fall in new business of 6% by value and 8% by volume in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business volumes in this market were 6% higher than in the same quarter in 2021.

The consumer used car finance market reported new business up 31% by value and 10% by volume in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business volumes in this market were 26% higher than in the same quarter in 2021.

Commenting on the figures, Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The slowdown in growth reported by the consumer car finance market in March was primarily driven by the adverse impact of supply shortages in the new car market. The consumer used car finance market remained buoyant reaching new heights in March as monthly new business surpassed £2 billion for the first time.

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“The UK economic outlook has weakened significantly because of the squeeze on household incomes and business profit margins from higher inflation. Pressure on household incomes this year and the ongoing vehicle supply issues mean the consumer car finance market is likely to record single-digit growth in the value of new business in 2022 overall.

“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

UK consumer car finance new business volumes up by 24% in February 2022: FLA