New figures released today by the Finance & Leasing Association (FLA) show that May 2013 was the seventeenth consecutive month of double-digit growth in the consumer new car finance market.
The number of new cars bought on finance by consumers through dealerships grew by 27% to 64,275 units compared with May 2012, and FLA members’ penetration of the private new car registrations market increased to 73.5%.
The volume of used cars bought on point of sale finance was 15% up year-on-year at 80,366 units.
Paul Harrison, Head of Motor Finance at the FLA, said: “Today’s figures show the continued importance of credit for car buyers and the motor market.
"As we are only nine months away from the start of the new regulatory regime for consumer credit, it is vital that the industry plans ahead.
“Lenders, dealers and brokers should make sure that the Office of Fair Trading holds the correct details for their company, and that their credit licences include all the categories of businesses they will need after April 2014, when the transition to the new regime starts.”