Tag: car finance debt
Despite private new car sales falling more than 6% in 2018, it was yet another record-breaking year for car finance borrowing for both new and used cars.
Car finance debt increased in the third quarter of 2018, despite the number of new finance agreements falling in line with lower new car sales in September.
Despite falling new car sales, British car buyers were happy to plunge themselves ever further into debt during 2017, racking up a record £34 billion for the year.
November's rise in interest rates by the Bank of England appears to have done nothing to slow the increase in car finance debt, according to the latest results published by the Finance and Leasing Association (FLA).
The latest car finance results show that the media attention regarding car finance is not reducing the level of borrowing on either new or used cars.
The latest figures show that car finance debt remained at record levels in June, with a fall in new car volumes balanced by an increase in used cars.
When taking out car finance, almost no-one thinks: "What would happen to this car finance agreement if I should die before it's paid off?"