The latest data from the Finance & Leasing Association (FLA) has highlighted ongoing strong demand for vehicle loans during the first six months of 2013.

According to the organisation's statistics, consumer new car finance spending increased by 31 per cent for the January to June period in comparison to the same time last year, while penetration of the new car market for vehicle financing rose to 73.6 per cent of all registrations.

Overall, business new car finance witnessed a three per cent rise in year-to-date growth.

Paul Harrison, head of motor finance at the FLA, said: "These continuing healthy figures support a general picture of improving consumer confidence. With interest rates set to remain low, there appears to be a positive outlook for consumer demand."

Consumer purchases for vehicles bought on finance in the 12 months to the end of June this year stood at 833,084 units, while businesses purchased a total of 396,405 vehicles during the same period.

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