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New `10` plates boost forecourt car finance

By Matthew Plant - Financial specialist

More than 95,000 new cars were sold to consumers on car finance through dealerships in March, according to new figures from the Finance & Leasing Association (FLA) -46% higher than the number sold a year earlier.

In total, £1.15bn worth of car finance for new vehicles was advanced to consumers that month.

The FLA said that while car finance for new vehicles was "sluggish" in the first quarter of 2009, it grew by 38% in the first quarter of this year. It added that Government incentives, such as last year`s VAT cut, helped the new car finance market to grow by 10% over the last 12 months, compared with the previous 12-month period.

Paul Harrison, Head of Motor Finance at the FLA, said: "The figures for March are encouraging - it is always a strong month for lenders and dealers alike because of the new plate. We expect the figures for April to continue the strong sales trend, particularly for used cars as buyers return to that market."

Tags: car, finance, car finance, new cars, plates

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