The
Finance and Leasing Association have released a report
indicating the point of sale
car finance is becoming more and more popular in the UK,
accounting for as much as 49 per cent of new
private car sales.
The head of
motor finance at the FLA, Paul Harrison reportedly commented:
FLA statistics show point-of-sale motor
finance has remained attractive to customers during current
tight
credit conditions. It has grown in popularity in 2008, as
consumers are finding it more difficult to get credit elsewhere.
Pos products will prove invaluable for individuals and businesses
in the months ahead.
A professor of
automotive management at the University of Buckingham, Peter
Cooke, was reported in the news as commenting: Finance
adverts at the moment primarily focus on
new vehicles . But I’ve always looked at it as a supply
chain. If someone wants to buy a
new car, chances are they already have a
used car – so they need to realise the
equity of that used
car to fund the new vehicle.
