Abstract
The market for car finance has been a difficult one in recent years. Competition on margins, falling rates on rival lending products, and a fall in demand for new cars have all hit the market size for dedicated car finance products. Over the last year or so, people have also started to show signs of a falling appetite for consumer credit in general - again, making this a difficult market in which to operate.
There are still opportunities, with used car finance a relatively untapped market when compared to the deals available on new cars. A steadily rising population, too, means that while the number of new car sales might have ebbed, the overall size of the car parc is increasing - the UK is not yet ready to give up its love of motoring, and as long as there are cars to be sold, people will be looking for finance to help cover the costs of what is almost always a major purchase.
As well as the overall market size for dedicated car finance products, this report looks at some of the competitor products and they way in which the likes of personal loans fit into the wider market. The economic trends that shape demand for cars - and, thereby, for car finance - are examined, while the consumers' views are assessed through exclusive consumer research.
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