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Dealer motor finance celebrates substantial growthBack

Latest figures revealed by the Finance and Leasing Association have shown that in November 2011, 61.5 per cent of motorists buying a new car used motor finance provided through dealers.

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:

  1. Always compare finance deals, which means looking at the annual percentage rate you will be charged, known as the APR, and the total amount repayable. Don’t just rely on the ‘flat rate’ interest that dealers can sometimes quote.
  2. There is always room for movement when it comes to accepting a finance package, so be prepared to go the extra mile and haggle for the APR you are looking for. Dealers will often drop the APR by a certain degree if you push for it which could save you hundreds of pounds over the life span of a car loan.
  3. Make sure you always ask for a written finance quote which you can then take away and use as a basis for your decision. If you’re unsure, ask someone who is better qualified to take a look over the quote and make sure that it is legitimate. If the dealer hesitates to produce a quote then it is better to walk away from the deal and go elsewhere.

Posted by Leana Kell on 16/01/2012