Figures from the Finance & Leasing Association (FLA) have shown an upturn in new car finance among vehicle buyers across the UK in November.
According to the organisation's latest findings, the number of new cars purchased by consumers during the month rose by seven per cent from the same period in 2012, while the used car finance sector showed stronger growth of 18 per cent in vehicle volumes over the year.
New car volumes for the month stood at £878 million, while the used car segment witnessed total sales of £720 million.
Overall, 74 per cent of new car deals in the UK in November were carried out using dealer finance.
Geraldine Kilkelly, head of research and chief economist at the FLA, commented: "Motor finance providers remain optimistic about growth in 2014 and the FLA's most recent confidence survey shows that the majority of respondents expect new business growth of up to ten per cent over the next 12 months."
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Posted by Steph Bennett, Account Manager, The Fuelcard People.