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This figure is almost 10 per cent up from November 2010 and suggests that dealer motor finance is continuing to grow in popularity. In fact, the demand for dealer finance in November led to an overall 6 per cent increase in the sales of new cars bought in November as opposed to the same month in 2010, with a 4 per cent rise in used car sales also recorded over the same period.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, said:
“Our figures highlight just how important finance sold in dealerships has become in helping people to buy new and used cars. Showrooms are the first choice for buyers because of the range and flexibility of the products on offer.
“Looking forward to 2012, consumer confidence will be more important than ever to the performance of the car finance industry. But the secured nature of car finance means that lenders can continue to offer some of the best deals for people looking to buy or lease a car.”
If you are considering buying a new or used car using dealer finance, it is well worth looking carefully into the different finance packages available to ensure you pick the right one to suit your lifestyle. Dealer finance can be a fantastic way to purchase a car, but you need to make sure that you always have the correct finances available in order to keep up with the monthly payments.
Trusted Dealers has revealed three key rules to take note of when purchasing a new or used car with dealer finance: