New car motor finance increased by 27% in value, year-on-year, to £806m in February, according to figures released by the Finance & Leasing Association (FLA).
There were 51,207 new cars sold on finance in February, 22% more than the same month in the previous year.
Go deeper with GlobalData
There was a similar story for used car finance, with the number of cars sold on finance growing 18% year-on-year to 109,305 and the value of advances growing 23% over the same period to £1.16bn.
Over the 12 months to February 2016, more than 1m new cars and nearly 1.2m used cars were bought on finance by consumers.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: "February saw the point-of-sale consumer new car finance market report its twelfth consecutive month of growth in new business volumes. For the first time on record, annual new business volumes in this market surpassed the 1 million mark, with the majority of these purchased on finance secured against the car."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
