Car finance leads increase in consumer finance
November saw the first annual rise in consumer finance for more than 18 months, according to the Finance & Leasing Association.
The biggest year-on-year increase was in car finance, which rose by 36% to 936 million as motorists took advantage of the car scrappage scheme.
The figures are good news for the car industry, which had previously struggled due to a lack of available car finance and low demand.
A car finance expert at Think Money commented: “A lot of people assume they won`t be able to get car finance in the current climate, but these figures prove that this isn`t necessarily the case.
“Credit may be harder to obtain than in recent years, but it`s still very much possible to get a car loan. We advise anyone looking to make a purchase on car finance to speak with an expert car loans adviser about where to find the right deal.”
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