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Used car buyers take out more finance

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There has been an increase in the number of used car buyers taking out financing through dealers in September.

Vendors of approved used cars saw the number of people opting for dealer finance rise by six per cent in the ninth month of the year, compared to the same period in 2009.

This is according to figures from the Finance & Leasing Association (FLA), which claims there was a fall of 19 per cent in the total number of new cars sold in September.

The group's head of motor finance Paul Harrison said that the rise is used car finance was great news, showing that the market was dealing with tough economic conditions well.

"Over the year we have seen ups and downs in the number of people using dealer finance, so it is encouraging to see a strong performance in the important month of September," he said.

The FLA reported last month that used cars finance was up by nearly a fifth in August, compared to the same month last year.

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