Car finance market enjoys bouyant autumn – FLA
The Finance & Leasing Association (FLA) has reported a rise in the consumer car finance market, with new business volumes up by four per cent year-on-year in September.
Meanwhile, new business values in the month rose by eight per cent to nearly £4.5m.
Growth was driven by the new car finance market, with values up 16% and volumes rising by eight per cent. This made up for one per cent all in used car finance values – although volumes rose by the same margin.
The FLA has also reported that in the first nine months of the year new business volumes were down two per cent compared with the same period in 2023.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “Overall, the consumer car finance market reported growth in both the value and volume of new business in September which saw the issue of a new registration plate. In Quarter Three 2024 as a whole, new business volumes in this market were one per cent higher than the same quarter in 2023.”
She added:
“The consumer car finance market is the largest of the UK consumer credit markets accounting for 36% of the total value of outstanding consumer credit contracts at the end of September 2024. It currently helps more than 6 million consumers fund car purchases across all regions of the UK.
