Although many Finance & Leasing Association (FLA) members supply car finance alongside either other commercial or other retail finance, it is motor lending which continues to post the greatest year-on-year gains, aside from second mortgages, which is operating from a lower base.
However, Fiona Hoyle, head of consumer credit at the FLA, has warned all personal lenders face the same regulatory shift as industry oversight shifts from the Office of Fair Trading to the Financial Conduct Authority.
"Our latest figures show the important contribution the credit sector provides to the wider economy, with point-of-sale finance seeing continued growth," said Hoyle. "Maintaining capacity in the credit market should be a priority now that the countdown to the new regime has begun. A smooth and proportionate transition process will be essential."
Julian Rose, head of asset finance at the FLA, however, focused more on the positive data from commercial lending: "This further month of growth in the use of asset finance is in line with several recent surveys including the SME Finance Monitor, which reported a spike in the use of asset finance by small businesses," he said.
"The Department for Business, Innovation and Skills’ SME Business Barometer found that, for the first time for nearly two years, the main reason for SMEs seeking external finance was to acquire new equipment," and despite also facing possible accounting and financial regulatory change "the industry is optimistic about its ability to continue to serve more businesses."