FLA supports car industry with £39bn in finance
New data has revealed that Finance & Leasing Association members provided a record £154.6bn of new lending in 2024.
This represents a two per cent increase on 2023.
FLA supports car industry
Of this number, £39bn was handed over for new and used car purchases, while £39.7bn was provided to businesses for investment in machinery, equipment, and vehicles, including £23.5bn to SMEs.
Stephen Haddrill, director general at the FLA, said: “Our latest market data shows the extent of support FLA members have provided to the real economy during a period of heightened uncertainty. Higher economic growth will not come without boosting private sector business investment in vehicles, machinery and equipment, a third of which was financed by FLA members in 2024.
“We urge the government to fully fund the recently announced pilot for a green finance variant of the Growth Guarantee in the Spring Spending Review, and to extend the full expensing regime to include leasing. Following through on the reform of the Consumer Credit Act will also allow the financial services industry to continue to innovate and to better serve those that are unable to access credit.”
Meanwhile, the FLA’s latest Industry Outlook Survey suggested that 41% of motor finance providers expected some increase in new business over the next year, while a further 37% expected new business levels to remain stable.
