Point-of-sale consumer car finance volumes have grown by five per cent in February to more than 133,00, according to figures recently released by the Finance & Leasing Association (FLA).
The used car finance market saw growth strengthen in February 2015 volumes of new business increased by nine per cent compared to February 12 months before.
It's not only consumer finance volumes that rise with an increase in used car sales. As user car dealers see a boost in business, many are renewing and updating their motor trade insurance to ensure it provides adequate cover for their potentially growing company.
Car finance volumes fell by three per cent between January and February 2015, but the industry is still enjoying consistent growth year on year.
According to Geraldine Kilkelly, head of research and chief economist at the FLA, the consumer car finance market has reported a growth every month for almost four years, with many used car dealers across the UK predicting these trends to continue throughout the next 12 months as used car sales increase.
"The FLA’s Q1 2015 retail motor finance confidence survey shows that the majority of respondents expect single-digit growth in new business over the next twelve months," she said.