Volkswagen Financial Services (UK) has announced record sales growth and reached £1bn of lending in 2008, five months ahead of target despite the general slowdown in consumer spending.

This represents 72,803 vehicles sold through Volkswagen Group retailers in the UK this year across the range of Audi, Volkswagen, Volkswagen Commercial Vehicles, Skoda, SEAT and Bentley models.

"It's a tremendous achievement in the current economic climate that we have secured so much new business so quickly," said Managing Director Graham Wheeler. " People are coming to us rather than the banks."

He put the success down to the availability of funds and an ability to process deals faster than other financial organisations.

Wheeler told Motor Trader the economic downturn mean: consumers were finding it harder to obtain bank loans as lending criteria is tightened, and were seeking alternative ways of sourcing funding for purchasing new and used cars.

"We are pleased to report that we continue to have ample funds to lend to car purchasers," he said. 

"This is because of the strong financial position of the Volkswagen Group. Long term strategic planning means the credit crunch is not affecting our lending abilities."