Both the new and used car finance market continued to grow in October, figures released by the Finance and Leasing Association have shown.

In the new car market, 76,440 cars were bought with finance, 1% more than last year. The value of this finance reached £1,350, 8% more than the same month last year.

As a result of the volume growth, finance penetration continued its rise, reaching 86.3% for the twelve months to the end of October.

In the used car space, 107,449 cars were bought on finance, up 9% year-on-year. This was worth £1,180 or 12% more than last year.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The performance of the POS consumer car finance market in recent months has been very much in line with industry expectations of broadly stable new business volumes in the new car sector, and single-digit growth in the used car sector.”

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By GlobalData