September saw a 12% year-on-year growth in new car finance, according to the latest analysis by the Finance & Leasing Association.
The growth makes it the best September performance since the introduction of the twice-yearly release of new registration plates in 2001.
The percentage of private new car sales financed by FLA members in the 12 months to September 2014 increased to 75.8%, a record high.
The consumer used car finance market also saw growth in September, with volumes and values up by 15% and 23% respectively, compared with the same month last year.
Paul Harrison, head of motor finance at the FLA, said: “Over £3.2 billion was provided by FLA members to help businesses and households fund car purchases in September.
“Motor finance is a very competitive market, driven by savvy consumers shopping around to compare deals before visiting their local dealership. Competition keeps prices keen and customer service high.”
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