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Motor finance growth continues as lenders support £22.7bn of new and used car purchases
['Jack Williams']
Car Dealer Magazine
The data also reveals that motor finance accounted for almost 27% of that total, with £22.7bn provided to households to fund new and used car purchases during the first half of the year.
Of that business total, £13bn went to small and medium-sized enterprises (SMEs).
There was also a shift in the type of lenders providing finance, with non-bank lenders providing £34.4bn of new lending in the six months to the end of June.
Elsewhere latest monthly figures showed total new business reached £14.76bn in June, an increase of 8% compared with the same month last year.
In Q2 alone, motor finance lending totalled £14.35bn, up 10%, while the rolling 12-month total reached £56.75bn – 7% higher than a year earlier.