New figures published by the Finance & Leasing Association (FLA) have highlighted growth in the UK's used car finance sector for July.

According to the results, an annual 18 per cent increase in the number of finance deals for used car purchases was reported during the month, with penetration for finance in the used car sector also growing to 74.1 per cent from 73.6 per cent in June.

Overall, the total number of used vehicles purchased on finance in the month stood at 80,676 in the consumer sector and at 6,713 for business buyers.

Paul Harrison, head of motor finance at the FLA, said: "The continued growth in the used car market has been helped by the wider range of finance incentives that are offered and the improved availability of stock filtering down from a buoyant new car market."

He added there are many competitive deals on the market for finance at present and this too is helping to bolster confidence among consumers.

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