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Car Finance Continues to rise

Month after month we are received positive news about the rise of car finance. In April the demand for car finance grew for the eighth consecutive month.

Month after month we are received positive news about the rise of car finance. In April the demand for car finance grew for the eighth consecutive month. Research undertaken by the Finance & Leasing Association showed that in April this year, the dealer finance option was taken at a rate of 20% higher than in April ’09.

It shows a healthy growth, and more than that, proves that it wasn’t just the Governments’ scrappage scheme that was the reason for the healthy finance sales. Regarding April’s motor finance figures, Paul Harrison, Head of Motor Finance, states:

“These figures are good news for dealers and finance providers, especially since the drop in demand that we saw in other countries when scrappage schemes ended, has not been repeated in the UK. Both new and used car finance sales were positive in April.  But we expect to see sales of new cars declining in the second half of the year as consumers return to the used car market as the stock of used car increases. We are hoping that the Chancellor will deliver a Budget for economic growth that helps motor lenders to build on the early signs of consumer confidence that we have seen in the last eight months.”

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