ACF Car Finance report UK car sales up despite credit crunch
The much publicised “credit crunch” which has seen interest rates rise sharply this year has not scared off UK car buyers, says ACF Car Finance.
The UK market came in at 419,000 units (+1.3%) in September, which is thought to have been spurred on by the new registration plate whch pushed private retail sales up by 1.5%. The UK market performed better than was expected, despite fears of a slowing economy and the increased cost of borrowing money.
A spokesman for ACF Car Finance said:
“Despite predictions that the car sales would fall in light of the recent credit crunch, we have in fact seen a small increase in the market. It’s impossible to know what will happen over the next few months, and yes, car credit may be affected along with other forms of borrowing, but we’re hopeful that the car retail industry will continue to prosper”.
Car sales and related markets such as car finance have seen steady growth in Eastern Europe and Asia, in line with the rapidly developing economies of these areas.
Poland has seen growth of 19.6% compared with last year; Indonesia has seen a rise of 20% and Russia claims to have experienced a massive rise of 50% in September. Similar stories are being reported in China, Vietnam and Korea. Increased infrastructures and a rise in the standard of living and more disposable income, are leading to a greater number of people being able to afford to buy a car.
About ACF Car Finance
ACF Car Finance are UK experts in car and bike finance, car loans and car credit. ACF Car Finance allows both UK tenants and homeowners to obtain secured loans, applying the loan to the borrowers’ car rather than their home.
ACF Car Finance boasts a range of branches across the UK, including in West London, Luton, Maidstone, Bristol, Birmingham, Manchester, Leeds and Mansfield - with a new branch opening soon in Livingston, Scotland. The company also allows customers to conveniently apply for a car finance plan online or via telephone.
ACF Car Finance is a trading style of The Funding Corporation (2) Limited. Registered Number 4757277. Registered Office: International House, Kingsfield Court, Chester Business Park, Chester CH4 9RF.
The Funding Corporation
Chester Business Park
Chester CH4 9RF
01244 625 684
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- The Funding Corporation
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