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Car finance growing in popularity, figures show

Tue, 14 Jul 2009
Buying a car using forecourt finance has increased in popularity since this time last year, according to new figures.

The Finance and Leasing Association recently published statistics showing a rise of three percentage points in the amount of people who purchase a vehicle using this method.

In the last 12 months, 52.9 per cent of all buyers have used dealer finance.

Geraldine Kilkelly is head of research and chief economist at the organisation and said there were some "great" deals around at the moment.

"But if dealers are to continue to offer competitive finance to customers on the forecourt, motor finance companies need to be able to access affordable wholesale funding," she added.

The news follows a report published earlier this month by British Car Auctions. It investigated the most popular vehicle colours sold in the first three months of the year and found silver to be the most loved.

Almost 25 per cent of the 125,000 cars surveyed were this shade, it was discovered.

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