Dealer motor finance improves in popularity
Posted by Fiona Birkwood
Some 52.1 per cent of new cars bought last year were purchased through dealer motor finance.
This is according to new statistics from the Finance & Leasing Association, which is the trade body for the motor finance industry.
Back in 2009, only 45.8 per cent of new cars were bought using dealer finance, showing that this form of purchasing is increasing in popularity.
In 2010, dealer finance was used by 500,000 people to buy a new car and a further 635,000 people to buy a used car.
"Overall, the number of cars financed last year was up by four per cent across all markets as buyers took advantage of the competitive deals on offer," explained Paul Harrison, head of motor finance at the Finance & Leasing Association.
Last year, the Office of Fair Trading-managed advice service Consumer Direct revealed that it had received just over 38,000 complaints in the first six months of 2010 about second-hand cars bought from dealers. 
