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Using loans to purchase new cars remained common in March, the latest figures have suggested.  

Statistics from the Finance & Leasing Association show that although the amount of cars bought on finance has fallen five per cent since March 2010, it still remains the most popular option.

"It was a mixed month for dealers - the proportion of cars sold and the value of loans rose once again, although the actual number of vehicles sold on finance fell," noted the organisation's head of motor finance Paul Harrison.

He explained that flexible packages make this a popular option for buyers, mainly because they improve the affordability of new vehicles.

Last month's figures showed a dip in the number of cars sold on finance, which the group believes was due to many consumers holding off making purchase until the new 11 number plates came in.