Consumer car finance new business volumes increase marginally in July: FLA

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(D))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),U=function(){function e(t,n,o){L(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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volumes were also up by 1% from the previous year.Specifically, the new car finance sector experienced a 2% uptick in value and a 1% increase in volumes in July. Over the same seven-month interval, volumes rose by 7% compared to 2024.In the used car finance market, there was a 6% rise in value in July, although volumes did not change.However, over the seven months to July, the used car volumes experienced a 2% decline year-on-year.Looking at the 12 months ending in July, consumer new car finance increased by 10% in value and 5% in volume. In contrast, used car finance saw a 1% rise in value but a 2% decline in volumes.Overall, consumer finance for both new and used cars combined witnessed a 4% growth in value and a 1% rise in volume in July.Over the past 12 months, the total value of advances reached £40.1bn ($54.36bn), marking a 5% increase, while vehicle numbers remained steady at approximately two million.In the business segment, new car finance volumes surged by 8% in July but saw a 4% decrease year-on-year.The used car finance sector faced challenges, with a 43% decline in July and a 21% drop over the year, highlighting a reduction in business demand for used vehicles.FLA director of research and chief economist Geraldine Kilkelly said: “The consumer car finance market reported a second consecutive month of growth in July, with 15.5% of volumes in the consumer new car finance market supporting BEV purchases. The proportion of new business volumes for used BEV purchases continued to grow from a low base, reaching 8% in July. Consumer confidence has shown signs of improving following a further cut in interest rates by the Bank of England.“Our latest research suggests that the consumer car finance market will see the value of new business increase by 6% in 2025 as a whole, with growth of 8% in the new car finance market and 4% growth in the used car finance market. As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.""Consumer car finance new business volumes increase marginally in July: FLA" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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