Consumer finance new business dropped by 1% in September when compared to the same month last year, according to data published by the Finance & Leasing Association (FLA) today.
However, when looking at the data on a quarterly basis, the third quarter of 2018 saw new business grow by 5% when compared to the same period last year.
In September, credit card and personal loan new business together grew by 4% compared to last year, while retail store and online credit new business increased by 8%. F
Furthermore, the value and volume of second charge mortgage new business increased by a substantial 11% in September.
Commenting on the figures, FLA head of research and chief economist Geraldine Kilkelly said: “The fall in consumer finance new business in September was the first since April 2017, and in part reflects the impact of recent changes to emission standards for new cars on the POS consumer new car finance market.
“In the first nine months of 2018, consumer finance new business grew by 8% compared with the same period in 2017, in line with expectations of single-digit growth in the year overall.”
Subscribe to our newsletter to receive breaking news by email.