Consumer finance growth strengthens
Posted on in Cycles News
Figures released last month by the Finance & Leasing Association (FLA) show a 14% increase in consumer finance compared with June last year, and a 13% increase in the first half of 2014.
Credit cards and personal loans were up by 10% in June, while the half-year figure showed an 8% increase. Point-of-sale finance was up 20% on June last year and grew by a similar rate in the first half of 2014. Retail store and online credit showed a 10% increase in June and 11% over the first of the half the year. The Actsmart endorsed Ride it away and Take it outdoors retail finance schemes witnessed sales growth of 97% in July vs 2013.
Commenting on the figures, Geraldine Kilkelly, Head of Statistics and Chief Economist at the FLA, said:
"Growth strengthened across the consumer finance market in June following a relatively quiet couple of months. Consumer confidence was no doubt boosted by the good weather and the start of the summer sales."
Start growing your sales with finance
Customers are coming to expect the option of finance to be available, particularly on big-tickets items they wouldn't usually be able to afford in a one-off purchase.
With retail finance you can offer your customers the chance to buy today and spread the cost with a choice of interest free and interest bearing options.
The ActSmart retail finance scheme in partnership with V12 Retail Finance has received very positive endorsement from users to date, with reduced subsidy rates and exceptional acceptance rates.
The scheme is available in the cycles and outdoors markets represented by the consumer facing brands Ride it away and Take it outdoors
To find out more about becoming a retail finance dealer, click here or contact us today.