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Dealer motor finance still growing

November’s figures showed that dealer motor finance remained UK consumers’ first choice for new cars.

The Finance & Leasing Association’s (FLA) latest figures show that 61.5% of consumers buying a new car in the year to November used motor finance provided through dealers, almost ten percentage points up from November 2010.

Consumer demand for dealer finance led to growth of 6% in the number of new cars bought in November compared with November 2010, and a rise of 4% in used car sales over the same period.

Paul Harrison, head of motor finance at the Finance & Leasing Association, said: "Our figures highlight just how important finance sold in dealerships has become in helping people to buy new and used cars.

"Showrooms are the first choice for buyers because of the range and flexibility of the products on offer.

"Looking forward to 2012, consumer confidence will be more important than ever to the performance of the car finance industry. But the secured nature of car finance means that lenders can continue to offer some of the best deals for people looking to buy or lease a car."

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