The number of used cars sold on finance in May 2015 was 92,431, up 3% year-on-year, according to the Finance & Leasing Association (FLA).
This was a notable slowdown compared to used car growth figures from recent months. It grew by double digits in both March and April.
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The total value of the finance was up 8% year-on-year in May, to £972m. For the 12 months to May 2015, the number of cars bought on finance and value of the finance was up 10% and 15% respectively.
There was faster growth in the new car space. Here, the number of cars bought on finance grew 6% year-on-year in May to 73,659. The value of the finance grew 10% compared to May 2014, to £1.2bn.
Overall, the FLA said penetration reached 77.6% for the 12 months to July, a record high.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: Growth in point-of-sale consumer car finance in 2015 so far has continued in line with expectations.
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By GlobalData"Recent research by Oxford Economics showed the importance of FLA motor finance providers to the UK economy, funding more than 57% of all consumer spending on cars in 2014, up from 35% in 2007."
