Even more buyers choosing dealer finance
- Credit: PA
Car buyers are relying on finance more than ever, new figures have revealed.
Data from the Finance & Leasing Association (FLA) show a 10% increase in consumer new car finance agreements taken up last year compared to 2013.
It now means that more than 76% of private buyers choose dealer-arranged finance when buying a new car.
Comparable figures for purchases made with personal loans are not available at this time, but it is expected that more than 90% of private buyers use some form of finance.
Commenting on the figures, Geraldine Kilkelly, FLA’s head of research and chief economist, said: “There has been strong growth in consumer motor finance provided through dealerships by FLA members over the last couple of years.
You may also want to watch:
“Our most recent industry confidence survey suggests that growth is likely to continue in 2015, but at a slower rate than in 2014.”
Some major manufacturers reportedly return higher profits from their finance and money-lending departments than from profit margins within the cars themselves.
- 1 ‘Demolition Man’ Cook tells vast majority of Ipswich Town squad to find new clubs
- 2 Mum-of-four with 'beautiful soul' dies after collapsing in the street
- 3 Takeaway contaminated food with raw meat and sold items past use-by date
- 4 Film crews spotted in Ipswich town centre
- 5 Royal visit from Princess Anne marks Suffolk Wildlife Trust 60th anniversary
- 6 Couple transform historic building near coast into new bed and breakfast
- 7 Ipswich U18s fall to second-half Liverpool goals - how the FA Youth Cup semi-final unfolded....
- 8 Steam locomotive back in Suffolk for anniversary trips
- 9 'Beautiful inside and out': Tragedy as mum dies 48 hours after giving birth
- 10 'Larger-than-life' Ipswich drama teacher Gloria Henshall dies