There were 897,593 new cars bought on finance in 2014, 13% more than the amount bought in 2013, according to figures released by the Finance & Leasing Association (FLA).
The value of advances for new cars in this period was £14,086m, up 17% year-on-year.
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Finance for used cars grew at an even faster rate. 1,045,924 used cars were bought on finance in 2014, 14% more than the total for 2013. Similarly, the value of the finance grew 21% year-on-on-year, to £10,640m.
Geraldine Kilkelly, FLA head of research and chief economist said: "There has been strong growth in consumer motor finance provided through dealerships by FLA members over the last couple of years. Our most recent industry confidence survey suggests that growth is likely to continue in 2015, but at a slower rate than in 2014."
December figures
There was also double digit growth from both new and used cars in December. There were 55,317 new cars bought and finance and 69,689 used cars bought on finance, up 10% and 11%, respectively.
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By GlobalDataThe value of advances in 2014 increased 15% year-on-year for both new and used cars, to £927m and £744m respectively.
