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February’s car finance figures show a dip

The Finance and Leasing Association (FLA) has announce figures from the month of February that show that car finance was down 14% compared to February 2010. It’s a blow that could be blamed on the governments VAT increase to 20% in the New Year, but will the trend continue?

The Finance and Leasing Association (FLA) has announce figures from the month of February that show that car finance was down 14% compared to February 2010. It’s a blow that could be blamed on the governments VAT increase to 20% in the New Year, but will the trend continue?

Paul Harrison, head of motor finance at the FLA, said: “January was an unexpectedly strong month for car finance sales, as dealerships offered good deals on interest rates to help buyers offset the impact of the VAT rise to 20%.

“February is traditionally a slower month for dealerships, as people thinking about buying a new car may want to wait until March for the new plates.”

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