The number of new cars bought on finance by consumers through dealerships in April was 75,929, an 11% year-on-year increase, according to the Finance and Leasing Association (FLA).
This was the second consecutive month that year-on-year growth was recorded in new car finance volumes as in March the number of new cars bought on finance grew by 10%.
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The total value of consumer new car finance increased by 17% in April compared to the same month last year, reaching £1,245m.
In April, the percentage of private new car sales financed by FLA members through dealerships reached an all-time record of 77.3%.
There was similar growth in the used car sector. In total 101,506 used cars were bought by consumers on finance in April, up 15% year-on-year. The value of advances for the month reached £1,058m, up 19% year-on-year.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: "In April, the consumer car finance market grew at its strongest rate since September last year. This contributed to growth of 8% in new business volumes in the first four months of 2015, which is in line with market expectations for growth in 2015 as a whole."
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By GlobalDataThe number of new cars bought on finance by businesses increased by 29% year-on-year in April to 52,409. On the other hand there was a 31% decrease in the number of used cars bought on finance by businesses to 3,080 over the same period.
