The Finance & Leasing Association (FLA) has published new data highlighting strong growth for both the new and used car finance sectors in the UK during 2013.
Overall, the proportion of private vehicles purchased using finance last year rose to 74.2 per cent (up from 71.2 per cent in 2012) and the total value of new and used car finance rose by 20 and 16 per cent respectively.
Paul Harrison, head of motor finance at the FLA, said: "Our latest figures show just how important consumer credit is to the wider economy, with strong growth in demand for point-of-sale car finance in 2013."
Indeed, the number of vehicles purchased on finance across the UK last year stood at 915,000 – the highest figure reported since 1999.
December registered the strongest monthly rate of growth for the sector last year, with a 32 per cent increase in volumes to 62,640 vehicles in comparison to the same month of 2012.
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Posted by Clare Lafferty, Account Manager, The Fuelcard People.