A total of 316,210 new vehicles had been registered through the scrappage scheme by the end of January, according to the Society of Motor Manufacturers and Traders (SMMT).

However, January saw the lowest proportion of new cars being registered through the scrappage scheme so far – the scheme accounted for just 17.8% of total registrations in that month.

Boosting car sales, the car scrappage scheme has also seen demand for car loans pick up.

“The latest figures from the FLA [Finance & Leasing Association] show a 36% increase in car finance provided in November,” said a car loans expert for Think Money.

“Now that the scrappage scheme has been extended to the end of March, we can expect many more people to take advantage of it. We would advise anyone considering taking out a car loan to speak with a loans adviser, who can help them to find the right deal.”

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