subject: Motor Finance Industry Gets A Boost [print this page] It looks like the motor market is finally recovering after a report released today stated the number of new cars brought through dealer finance has increased by 15% in September 2009, despite the limited demand for car finance.
New figures from The Finance & Leasing Association (FLA) have shown that this is the second consecutive month of growth - a sign that a recovery may be starting and also that car finance remains attractive to vehicle buyers.
This is not the only sign that the motor finance industry is on the rise. A new survey by What Car? has shown that dealer finance is the most popular option for those wanting to buy a car in the next year. And a large proportion of drivers (60%) would consider dealer finance.
Paul Harrison, head of motor finance, said it was good to see growth in the new car market but admitted he remained cautious about future prospects.
FLA also commented that the amount of new cars purchased through dealerships increased by 7% in the third quarter of this year, compared with the same period in 2008, although the number of used cars bought with dealer finance fell by 15% in this time.
A car finance expert for Think Money commented: "This is another sign that the car industry is recovering, and shows that car finance is still a realistic option for many people looking to buy a car."
Meanwhile, according to the Society of Motor Manufacturers and Traders (SMMT), new car registrations were up 31.6 per cent in October to almost 170,000.
In other news, women are paying much less and are getting cheap car insurance rates compared to men.
by: Julia Smith
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