Motor Trade Insurance

Consumer Finance For Used Cars Increases In August

October 21, 2020 by mti

Like many businesses, motor traders have been and are going through a difficult trading period due to the pandemic. At the time of writing, unfortunately there seems no end in sight. It is interesting though to hear that consumer used car finance has increased for the month of August.

According to the Finance and Leasing Association (FLA) the volume of new business relating to consumer used car finance increased by 2% in relation to volume and increased by 10% in relation to value when comparing the month of August 2020 with August 2019. However, it is interesting to note that on a year to date basis to August 2020 the volume of new business dropped by 22% in comparison to the year to date to August 2019.

There are quite a few motor traders who help arrange finance for people to buy used cars at point of sale. There is no doubt that this will encourage customers to use a particular car sales outlet as a lot of people like to sort things out under the one roof thus increasing the number of used cars sold.

Motor traders will no doubt find it interesting to read that the volume of consumer new car finance dropped by 1% in August 2020 when compared with August 2019 although the value rose by 5%.

If you are a motor trader and do not currently offer your customers the option to arrange in-house motor finance then this is something that you might like to look into sooner rather than later. There are a number of finance companies that provide such finance so why not look into this further and make contact with them to explore your options. After all, anyway of possibly increasing the number of cars that you sell has got to be welcomed especially in the current economic climate.

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