Finance favourites: revealing the most popular vehicles on finance

New data by First Response Finance, the UK's leading online vehicle finance provider, reveals that Ford is the most sought-after brand for vehicle financing in the first half of 2024 in the UK. Consumers seeking a conventional car tend to prefer the Ford Focus, while those in need of a larger vehicle often opt for the Ford Transit van. For motorbike enthusiasts, the BMW S is the top choice.  

Jonathan Such, Head of Sales at First Response Finance, a leading provider of car, van, and motorbike finance, said: "The vehicles consumers are choosing in today's economic climate reflect broader trends in the automotive industry. Car financing has emerged as a crucial factor influencing consumer choices, as buyers increasingly seek affordability, value for money, and practical features. 

Using First Response Finance's data, we can identify the top models dominating the car finance market to understand the evolving preferences of car buyers and the factors influencing their decisions. 

Vans leading vehicle preferences 

First Response Finance's data underscores the remarkable dominance of vans in the financing landscape. Such noted this significant trend: "The Ford Transit stands out with an impressive share of van finance agreements.  This illustrates a growing demand for vehicles in commercial and logistics operations, a critical sector that keeps our economy moving. 

"The Ford Transit, in particular, is known for its sturdy design, unparalleled reliability, and cargo capacity, making it essential for any business's needs. It's no wonder the model is often referred to as 'the backbone of Britain'. The van is incredibly versatile, customisable, and offers affordability and savings on fuel and running costs. With the right financing option, the Ford Transit can meet the needs of any business or large family, securing its unprecedented place in our data."

Other strong contenders in the vans category include Vauxhall Vivaro, followed by the Peugeot Partner and Citroen Dispatch. 

Compact cars in demand 

Efficiency and functionality are key attributes driving the popularity of the most financed vehicles, according to the data. 

When it comes to everyday car choices, compact cars that offer a balanced size, affordability, and efficient fuel consumption are leading the way. According to a recent study by Auto Insurance, 54% of potential car buyers consider price the most important factor in their decision-making, while 42% prioritise fuel efficiency as a key feature. 

Topping the chart is the Ford Focus, as it strikes an excellent balance between performance, features, and cost-effectiveness. Other popular compact car choices include the Ford Fiesta, Vauxhall Astra, Volkswagen Golf, and Vauxhall Corsa. 

SUVs and crossovers on the rise 

Among cars, SUVs and crossovers have gained financing popularity at the start of this year, reflecting a trend towards practical and reliable vehicles.  

According to First Response Finance's data, the Nissan Qashqai, Vauxhall Mokka, and Ford Kuga are the most popular choices. These models offer space, comfort, and advanced features that are continually upgraded to meet consumer demands and incorporate developing technologies. SUVs and crossovers are versatile, capable of handling a wide range of driving conditions, making them ideal for families, outdoor enthusiasts, and those needing extra cargo space.  

The enduring appeal of luxury vehicles 

The strong preference for functional and practical vehicles is also evident with the Land Rover Range Rover. Its size and spaciousness make it an attractive option for those who value functionality. With ample seating for up to five passengers, it ensures comfort on long journeys for families. Additionally, its large boot offers significant storage space, accommodating everything from groceries to luggage and sports equipment, which is essential for family trips or daily errands.  

"The Land Rover Range Rover ranks among the top five vehicles for which people are securing financing, as they view it as a worthwhile investment that meets their lifestyle needs," said Such. With a range of features and a design focused on innovation and reliability, its perceived value in terms of versatility, comfort, and dependability makes financing a Range Rover an appealing choice."

Growing interest in motorbikes 

In the realm of motorbikes, the BMW S is a top choice for vehicle financing. Motorbikes like the Suzuki GSXR and Yamaha YZF also feature prominently, indicating a strong interest in high-performance and versatile bikes. This trend is also driven by the desire for efficient, cost-effective transportation, as well as the thrill of riding. 

The data from First Response Finance paints a clear picture of the current vehicle financing landscape in the UK. Consumers are making choices that blend practicality, efficiency, and functionality. As economic conditions continue to shift, the diverse needs of today’s buyers will keep evolving. However, the emphasis on value, functionality, and adaptability is likely to remain at the core of consumer decisions.