The statistics show that:
- Consumer finance new business grew by 22% in February, compared with the same month last year. Credit card and personal loan new business together grew by 23% compared with February last year. The second charge mortgage market saw new business growth of 40% by value and 17% by volume, this being the fifth consecutive month of double-digit volume growth.
- In the point-of-sale consumer new car finance market, new business grew 27% by value and 22% by volume in February compared with last year. The percentage of private new car sales financed by FLA members through the point-of-sale reached 81.9% in the twelve months up to February 2016, increasing from 81.7% in the twelve months to January. Strong growth was also seen in the point-of-sale consumer used car finance market in February, with new business up 23% by value and 18% by volume.
- In the asset finance industry, new business (primarily leasing and hire purchase) grew by 9% in February, compared with the same month last year. Finance of commercial vehicles increased in February by 17% compared with the same month in 2015. Business equipment finance and plant and machinery finance also grew by 13% over the same period.