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Car finance numbers growing in strength.

July was a strange month for car finance. The amount of cars purchased with dealer sourced car finance dropped by 7 per cent to 30,501, however for the six months leading to July the overall figure was 25 per cent higher, according to the Finance and Leasing Association (FLA).

July was a strange month for car finance. The amount of cars purchased with dealer sourced car finance dropped by 7 per cent to 30,501, however for the six months leading to July the overall figure was 25 per cent higher, according to the Finance and Leasing Association (FLA).

New cars bought with finance was up 6 per cent to a healthy £424m, while used cars bought with a dealer finance package rose by 1 per cent. According to the FLA, since the ending of the governments’ scrappage scheme, more people are buying expensive cars with finance and this contributes to the overall figures.

Paul Harrison, Head of motor finance at the FLA said: "This year, the people who are buying cars are using motor finance to buy more expensive, often prestige cars. Those buyers are likely to be in secure jobs unaffected by the recession, and so have the confidence and income to commit to buying a car".

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