The Finance and Leasing Association has published its latest motor finance data outlining November's performance.

More than 50,000 cars were financed through dealers and advances of £480M was up 14% on the previous year. This represents 51,129 cars financed which is up 16% year on year. The average balance financed is now £9,388.

The rise in used car finance comes in the same month as an 11 per cent fall in the number of new cars being bought by individuals on finance provided through dealerships compared with November 2009.

The fall in new car sales meant that the proportion of new cars bought using dealer finance over the last 12 months rose to 51.5%.

Paul Harrison the FLA's head of motor finance, said:

"What our latest figures show is that the car market, following the previous Government's scrappage scheme, is returning to business as usual. Savvy consumers are seeking used cars from dealerships to get value for money. And while the new car market has seen a fall in the last quarter, finance sold in showrooms now accounts for more than half of private new car sales."