Tag: Finance and Leasing Association
The Financial Conduct Authority (FCA) has announced stricter new car finance rules, which it says will save car buyers of the UK £165 million each year.
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.
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.
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.
The latest car finance results show that the media attention regarding car finance is not reducing the level of borrowing on either new or used cars.
The latest figures show that car finance debt remained at record levels in June, with a fall in new car volumes balanced by an increase in used cars.