Considering Car Finance? Car Finance Take Up On The Up
After another month of double digit growth in the new car finance market the increase
in the number of people choosing Car finance options led to more than 2.2 billion being advanced to consumers in Q2 resulting in 155,000 new cars rolling off the forecourt! The latest figures provided by theFLA(Finance & Leasing Association) show that the number of new cars bought on finance increased by 27%, compared with Q2 2011.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, commented:
"2012 has been a great year so far for motor finance providers, with the total market up by 18% in Q2 and the new car finance market posting double digit growth every month this year"
The figures speak for themselves, the car finance market is booming! This reflects the range of great deals currently available with stand alone providers, banks and car dealerships all competing for your business.
In the past the trend has been to take out a bank loan or obtain car finance from a stand alone provider before visiting a car dealership to choose your new car, the figures from the FLA show the trend is changing with 67.9% off all new cars purchased over the last 12 months having been funded with finance sold in dealerships. More and more consumers are beginning to recognise the benefits of dealing direct with the dealership throughout the whole process, from the initial finance application to choosing a new car having one point of contact often simplifies and speeds up the whole process.
When choosing a bank or stand alone provider it can typically take a number of days for you to even receive a decision then there"s the hassle of waiting while they send you the paperwork which has to be signed and returned before funds can be transferred into your account.
Choosing your local car dealership for car finance in many cases enables you to apply online and drive away the same day, if you choose a main franchised dealer you may also be able to benefit from manufacturer specific offers such as 0% APR and nil deposit, now that"s certainly a deal no bank or stand alone car finance provider could match!
It"s important to point out that not everyone will be able to benefit from 0% APR and nil deposit deals, the rate you pay for finance will vary across all banks, standalone providers and car dealerships although there are definitely some clear benefits in choosing your local car dealership for car finance as apposed to a bank or stand alone provider, it all depends what you"re looking for and how long you want to wait for your new car.
by: Bob Smith
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