Dealer car finance accounts for half sales

Mon, 18 Aug 2008

New statistics from the Finance and Leasing Association (FLA) indicate that in the year running up to June 2008, some 50 per cent of all new car purchases were made using vehicle finance provided by a car dealer .

The figure is an increase of several percent on the level reported one year ago (46.2 per cent), and proves that dealer car finance remains and attractive option for many borrowers. Finance agreements offered by car dealers are usually secured against the car .

Car dealers offer a variety of car finance loans, including hire purchase, leasing and personal contract purchase . The news makes more likely uSwitch reports that car buyers will ‘waste’ hundreds of millions on expensive car finance policies, when personal loans could be cheaper.

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