According to a report released by the Finance and Leasing Association on the 15th September 2011 the use of PCP to fund used cars has increased by 17% compared with the previous 12 months.

A breakdown of the financial products used by private purchasers of used cars shows that Hire Purchase remains the most popular method of financing through a dealership – accounting for 65% of finance on used cars. PCP accounted for 20% of used car finance. Personal loans arranged through the dealer were the other main source of finance.

Commenting on July’s motor finance figures, Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, said:
“Dealers and finance companies are using innovative products and incentives to provide consumers with good deals. Customers are increasingly drawn to the lower prices of the used car market and are seeking finance that is affordable and flexible enough to fit their budgets, while still allowing them to buy the car of their choice.”

This year has seen a huge uptake in Webzation’s Quoteware product as more and more dealers recognise the benefits of using PCP as a tool to sell used cars. As a fully integrated web service Quoteware allows dealers to promote PCP on their used cars right at the start of the customers buying cycle. The unique monthly payment search allows customers to quickly establish that PCP allows them to purchase a more expensive vehicle for their monthly budget.

Talk to Webzation to learn more about how dealers are benefiting from offering finance and PCP products through their website using Quoteware.