Home Insurance UK motor finance rises 16% in 2021

UK motor finance rises 16% in 2021

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UK motor finance rises 16% in 2021

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Finance for brand spanking new and used automobiles soared 16% to hit £45.2bn in 2021, in response to figures launched by the Finance & Leasing Affiliation.

General, FLA members throughout the asset finance, shopper finance and motor finance markets supplied £132bn of recent enterprise in 2021, 15% larger than in 2020.

Stephen Haddrill, Director Basic on the FLA, mentioned: “The FLA’s newest knowledge demonstrates the numerous financial contribution made by FLA members to supporting enterprise funding and family purchases throughout the UK.

“Because the UK financial system strikes on from the pandemic, FLA members will play an integral function in constructing a extra sustainable future, together with serving to many SMEs transition to internet zero.

Our proposals for a Inexperienced Finance Wholesale Assure would assist to scale up the provision of inexperienced lending, whereas the sharing of danger between lenders and Authorities would maintain costs aggressive for the tip buyer.

“The numerous contribution of non-bank lenders can also be clear from our newest figures. Our proposal for an Impartial Liquidity Funding (ILF) Scheme for impartial enterprise and shopper lenders would make sure that throughout occasions of stress on wholesale markets funding would proceed to movement to all corners of the financial system.”

  Dec 2021 % change on prev. yr 3 months to Dec

2021

% change on prev. yr 12 months to Dec

2021

% change on prev. yr
Complete FLA new enterprise (£m) 11,437 11 34,926

 

14 131,800

 

15
By buyer:

 

           
Enterprise (asset) finance (£m) 2,725 -2 7,696 -1 31,296 14
Shopper finance (£m) 8,712 16 27,231 19 100,504 15
 

Throughout the above:

           
Motor finance (£m) 3,284 10 10,712 12 45,224 16

 



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