Consumer finance on new cars purchased during the first half of 2013 was up 31% year-on-year by value according to the Finance & Leasing Association (FLA).
FLA members lent £5.93bn on 401,190 new cars in the first six months of the year, and £4.23bn on 451,024 used cars.
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In June alone, just over £1bn was lent on 66,587 new cars, a rise of 32% by value and 26% by volume, year-on-year. Lending on used cars was up 25% by value to £704m and up 18% by volume to 73,671 units.
In the second quarter, £2.94bn (up 34%) was lent on 196,936 new cars (up 30%) and £2.22bn (up 23%) was lent on 235,066 used cars (up 19%).
The rolling 12-month figure for new car finance penetration among FLA members increased by 0.1ppts from May to 73.6%, yet another record high.
Paul Harrison, head of motor finance at the FLA, said the figures "support a general picture of improving consumer confidence" and predicted continued consumer demand given the continuation of low interest rates.
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By GlobalDatarichard.brown@timetric.com
