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Consumer car finance new business volumes grew in September by 4% compared with the same month in 2023, according to the FLA.
In the first nine months of 2024, volume of new business was 2% lower compared with the same period in 2023.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “Overall, the consumer car finance market reported growth in both the value and volume of new business in September which saw the issue of a new registration plate.
“In Q3 2024 as a whole, new business volumes in this market were 1% higher than the same quarter in 2023.
“The consumer car finance market is the largest of the UK consumer credit markets accounting for 36% of the total value of outstanding consumer credit contracts at the end of September 2024. It currently helps more than 6 million consumers fund car purchases across all regions of the UK.”
The consumer new car finance market reported new business by value in September 16% higher than in September 2023, while new business volumes grew by 8%.
In the nine months to September 2024, new business volumes were 3% lower than in the same period in 2023.
The consumer used car finance market reported a fall of 1% in the value of new business in September compared with the same month in 2023, while new business volumes grew by 1%.
In the nine months to September 2024, new business volumes were 1% lower than in the same period in 2023.