Demand for motor finance fell by 2% during October, accoring to the latest figures from the Finance & Leasing Association (FLA).
Consumer demand for motor finance fell by 2% during October, accoring to the latest figures from the Finance & Leasing Association (FLA).
While consumer demand has eased however, the survey found that businesses are again buying new cars. Business demand for finance was up by 9% on October last year.
Overall the demand for new car finance was up by 3% on October 2001 but overall vehicle finance fell by 1%.
FLA director General Martin Hall, said: "Consumer demand this year for new cars has been a great success story for
the industry, a tribute to the competitiveness of manufacturers and the finance deals that support them.
"But it was running at such a high level that it was inevitably going to ease back at some point.
"The good news this month is that at long last the business car sector is picking up and our members are reporting strong growth.
"The hope is that this reflects more business confidence, rather than deferred replacement of vehicles."
