Fuel prices fell 2p in August for both petrol and diesel. The drop occurred after RAC Fuel Watch issued a plea to the major read more
£16 billion worth of financed cars on UK roads in 2015
13/01/2019 Audi Q3 35 SUV 5Dr 1.5TFSI 150 S line STron Auto7 - £30,833 with cash purchase, or £29,833 including deposit contribution with Audi PCP Finance. APR 5.9% Save 12.6% - £4,317 off list price
12/01/2019 Mercedes-Benz A180d Hatch AMG Line 7G-DCT Auto - £23,712 with cash purchase, or £22,634 including deposit contribution with Mercedes finance APR 5.7% Save 21.3% - £6,131 off list price
11/01/2019 Nissan Juke SUV 1.6 112 EU6 Bose Personal Edition - £13,959 Save 27.8% - £5,381 off list price
10/01/2019 Volkswagen Caravelle SWB 2.0TDI 150 Executive DSG Auto7 - £39,822 with cash purchase, or £38,572 including deposit contribution with Volkswagen finance APR 6.4% Save 20.5% - £9,943 off list price
Nearly a million new cars were put on finance in the UK during 2015, making up for a huge £16.2bn worth of motors, according to new figures.
Data from the Finance & Leasing Association showed a 10 per cent rise in new car finance volumes compared to 2014, with 984,077 new cars on finance being drove on British roads last year.
MotorPocket provides all your car finance and insurance needs. Check out our helpful explainers to get the right products for you.
Get a GAP Insurance quote
Car finance comes in many forms to meet different preferences, and refers to finance that is secured on the vehicle. This means that you do not own the vehicle until you have paid the finance in full and if you miss repayments, the lender might repossess your car.
The 10% increase accounts for private car finance volumes only, with this type of purchase enjoying an active end to the year with a 22% increase for private-car finance in December.
An incredible 81.4% of new car models were bought on finance in 2015, up by 75.9% the year before, meaning eight in 10 of all new cars were not bought outright by the driver.
The used car finance market also saw an increase, with 8% more previously owned vehicles acquired through finance deals last year, working out at 1.15 million second-hand motors.
Geraldine Kilkelly, head of research and chief economist at the FLA, said the rise in finance came as no surprise, with further growth expected.
"It was another record year for the point-of-sale consumer car finance market as new business volumes reached more than 2.1 million," Kilkelly said.
"The strength of the market in December reflects strong consumer confidence buoyed by low inflation, interest rates and unemployment.
"The FLA's latest retail motor finance confidence survey suggests that we will see new business growth in 2016 of up to 10 per cent".
For more information on how to apply for finance visit MotorPocket, or for a quote use the MotorPocket car finance calculator.
