Finance sales break records in face of crunch

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© Adfero Ltd Car and van drivers picked up a record number of finance deals over the first half of 2008, despite the credit crunch.

According to car supermarket firm Motorpoint, the number of people taking on its Personal Contract Purchase went up by six per cent over the period. It added that one in three of its deals now involve finance.

The body also found that 53 per cent of drivers are intending to fund the acquisition of their next vehicle with finance, while Finance and Leasing Association statistics show that dealers now find 49 per cent of private automobile sales.

Motorpoint managing director David Shelton remarked that its Boomerang finance product is a hit with consumers.

He said: "We are finding that our highly-affordable point of sale products ... are proving extremely popular, enabling customers to drive a car that their budget wouldn’t ordinarily allow."

Motorpoint was founded in 1998 and has five branches - Peterborough, Derby, Glasgow, Newport and Burnley.