The amount of finance extended for new car purchases rose again in May with over £1.1bn in new deals being written, a jump of 16% year-on-year according to the latest data from the Finance & Leasing Association (FLA)
The figures have pushed the total finance extended for new car purchases for the 12 months to just over £13bn, a 24% rise on the previous period.
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In line with the penetration rate remaining stable at 75% of all new car purchases, the finance industry saw an 8% rise in the number of cars it helped purchase. 69,423 cars were purchased using FLA member finance deals taking the three month total to 292,438, 14% more than they same period in 2013.
Typically, finance extended for used purchases was lower in value than for new, at just £904m in May. This marked an 18% rise on May 2013 and 10% more cars were financed in May over the year before.
The total value of used cars financed in the 12 months to the end of May leapt by 25% to just under £9.7bn. In part this was driven by the rising values of used vehicles for equivalent age and mileage, but also by the 19% rise in the number of cars being financed.
Business finance, saw a 7% rise in the number of cars financed at 37,515 cars. Used business cars dropped in May on the year before, down 11% at 3,264.
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