Motor Finance Online have reported on the figures recently released by the Finance & Leasing Association (FLA) on the new finance business written in 2020. The FLA have reported that its members in the motor finance market provided £38bn in new funding in 2020 representing a 19% fall from the 2019 total.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Despite the restrictions introduced throughout last year as a result of the pandemic, the consumer car finance market provided finance for over 1.9 million cars in 2020 as a whole. The vaccine rollout in the UK has improved the outlook for the UK economy in the second half of 2021.”
For the full article in Motor Finance Online please click here – https://www.motorfinanceonline.com/news/fla-members-38bn-motor-finance-2020/
For the FLA release please click here – https://www.fla.org.uk/research/motor-finance/