Motor finance sales for private new cars continue to grow, with a 6% increase in October compared to the same period in 2010, according to the latest industry figures published by the Finance and Leasing Association (FLA).
The new figures also show a 10% increase over the last three months in private new cars bought with motor finance, compared to last year. The number of cars sold on finance was down 2% for the twelve months to October.
Motor finance providers have responded to the squeeze on car buyers’ budgets with a range of affordable finance products like personal contract purchasing (PCP). Dealers have also improved the quality of finance information provided in showrooms via the FLA’s Specialist Automotive Finance (SAF) scheme. The SAF online motor finance competency test has now been taken by over 25,000 individuals from over 1,000 businesses since it was launched in 2007.
‘SAF Approved’ status has also been achieved by over 1,500 dealerships, including 24 of the top 30 UK dealer groups. This year around half of all new cars will have been sold through ‘SAF Approved’ dealerships, which means that more customers are getting the information they need to help them buy with confidence.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, commented:
“Despite the tough economic conditions, motor finance sales have remained robust. This reflects the good deals available on the forecourt and high standards of customer service. 25,000 staff and 1,500 dealerships have used the SAF scheme to increase their knowledge of the range of finance products available in showrooms to help guide car buyers to the best option for their personal circumstances.”