Car Insurance News
New car finance increases in Q2
8 August 2012
The number of people purchasing cars and car insurance on finance increased over the second quarter of 2012, according to the latest figures from the Finance & Leasing Association.
Over the three months the value of car finance sold grew by 38 per cent, while the number of vehicles bought using this process grew by 27 per cent.
More than £2.2 billion was lent to consumers to fund the purchase of around 155,000 cars.
Paul Harrison, head of motor finance at the organisation, hailed a successful year so far, noting that the total market was up by 18 per cent over the course of Q2.
"The used car finance market fell for the first time in 12 months in June, but was still up over the quarter and the year," he added, suggesting that the dip could be down to the range of incentives that have been launched for new vehicles recently.
According to the Society of Motor Manufacturers and Traders, car registrations rose by 9.3 per cent in July.
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