Rise in car loans during August

Fri, 30 Oct 2009



During August, car finance grew slightly for the first time in 13 months. The figures were released by the Finance &Leasing Association, who claimed that sales of new vehicles using dealer car finance climbed by 4% during August.

The head of research and chief economist at the FLA, Geraldine Kilkelly, was reported in motor finance news as commenting: "This is the first increase in dealer finance provided to consumers for new cars in over a year. Motor finance companies are telling us that the impact of the car scrappage scheme on finance sales has been limited. Motorists tend to opt for buying small cars and pay the balance from any part exchange under the scrappage scheme with their savings, rather than by using car finance."

According to motortrader.com, the used car finance sector did badly in August, as the number of vehicles sold on car finance fell by 23%. This figure had dropped by 13% in the three months to August, and by 15% over the year to August.
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