Figures released today by the Finance & Leasing Association (FLA) show that the value of new car finance provided to consumers in dealerships grew by 13% in July, compared with the same month in 2013.

In the twelve months to July, the percentage of private new car sales financed by FLA members held steady at 75.2%.

FLA car finance statistics July 2014

The value of new finance provided to consumers for used cars grew by 20% compared to July 2013.

Paul Harrison, head of motor finance at the FLA, said: “With double-digit growth continuing in consumer new and used car finance market, the importance of finance to consumers is clear.

"The challenge now is to make sure that the FCA’s authorisation process for the new regulatory regime goes as smoothly as possible, in order to maintain the supply of affordable credit.”