New Car Finance Growth

Published Date: 26th Apr 2013

The FLA (The Finance and Leasing Association) reports the amount of new car finance agreements taken out by consumers to purchase new cars continues to be on the upturn, the FLA figures suggest Fenbruary 2013  was over 30% up on February 2012, the figures for used car finance were also reported to be up by 7% in February 2013 when compared with the previous year.

The upward trend for car finance is thought to be encouraged by low rate hire purchase and lease purchase new car finance available to consumers and it also goes hand in hand with the upward trend for new car registrations throughout 2012 and continuing in the first quarter of 2013.

Despite a difficult UK economy private buyers continue to to be 'keen' on buying brand new cars and with manufacturer's producing more efficient and economical cars consumers can justify the cost of a new vehicle by looking at the longer-term picture with big savings on their running costs and the various different low rate new car finance plans on offer. Alternative fuel engines from manufacturer's and improved technology like start/stop and 'eco' engines are pushing the limits of efficiency and there are more and more vehicles for example with CO2 emissions below 100g/km which offer the added benefit of free road tax with your new car and for people subject to the London congestion charge on a regular basis these vehicles are a real 'pull' as there are big savings to be made on running costs as such vehicles are congestion charge exempt too and of course it goes hand in hand that these types of vehicles will give you excellent fuel economy and you will be visiting you local petrol station less frequently!!