The number of loans issued also increased by 11% in October compared to the same month last year.
Consumer finance business as a whole increased by 11% yearly to October compared to the year before, with car finance standing in second place (21%) followed by retail stores and online credit (9%) and credit cards and personal loans (5%).
Fiona Hoyle, head of consumer finance at the Finance and Leasing Association, said: “Consumer finance has played a key role in supporting economic growth, by helping households make essential purchases.
“Forecasts suggest this will continue in 2015, with gross consumer lending increasing by 3.3% compared with 2014.
“It has been a challenging year, as consumer finance providers got used to a new regulator and a new rulebook, but they have maintained the supply of responsibly-provided credit.”
