Despite private new car sales falling more than 6% in 2018, it was yet another record-breaking year for car finance borrowing for both new and used cars.
Car finance debt increased in the third quarter of 2018, despite the number of new finance agreements falling in line with lower new car sales in September.
Latest numbers show that car finance continues to drive car sales across the country, even though the number of new car sales is still falling.
Three out of four motorists buying a new car on finance are not convinced they are getting the best car finance deal, according to new survey data.
Despite falling new car sales, British car buyers were happy to plunge themselves ever further into debt during 2017, racking up a record £34 billion for the year.
The RAC has launched a new personal loan offer aimed at winning used car buyers away from the ever-increasing popularity of PCP car finance.
November's rise in interest rates by the Bank of England appears to have done nothing to slow the increase in car finance debt, according to the latest results published by the Finance and Leasing Association (FLA).
Car finance records for the first ten months of 2017 show that the sector is still on track for record lending this year despite falling new car sales.