Lakeview Cars

A Recent Study by the FLA Shows That Demand for Car Financing Is Once Again on the Increase


Bedford, Bedfordshire -- (SBWIRE) -- 03/10/2015 -- Every quarter the FLA releases several reports one of which covers car leasing and finance. The latest report has revealed that consumers in the UK are once again going out and buying cars.

In December of 2014, demand for car finance rose by 10%. During 2014, as a whole, demand was up by 13% when compared to demand in 2013. In total, both private individuals and companies secured 897,593 vehicle related loans during 2014. Members of the FLA lent UK households a total of £32.4 billion to be used for the purchase of either used or new cars.

Much of the growth came from the private car sector. Of the total loans for the year of 2014, 76.1 per cent were for use by private individuals. The rest was used by firms and fleet owners to purchase vehicles for their businesses.

Geraldine Kilkelly, who is one of the FLA's chief economist s and head of research, said of the figures:

"There has been strong growth in consumer motor finance provided through dealerships by FLA members over the last couple of years. Our most recent industry confidence survey suggests that growth is likely to continue in 2015, but at a slower rate than in 2014.'

There is no regional breakdown for this report, but car dealers in Bedfordshire and Hertfordshire have told us that they have noticed a rise in demand for both used and new vehicles. This feeling is borne out in official statistics. Experian recently released figures for used car sales in the UK, which shows that demand for used cars have reached the highest levels since 2008. Sales of new cars are also up on last year for both business and private individuals.

For the third quarter of 2014, 1.86 million used cars were sold across the UK. There was some regional variation, but across most areas of the UK, the sale of used cars had gone up and reached pre-recession levels.

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Media Contact details:
First Name: Jim
Last Name: Slater
Business Name: Lakeview Cars
Address: Great North Road, Chawston
City: Bedford
County: Bedfordshire
Postcode: MK44 3BE
Country: United Kingdom
Phone No.: 01480 400233