Study Finds More Than Half of Consumers Did Not Know Their Credit Score Before Buying a Car

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New study by Instamotor surveys consumers across key financial decisions like down payments, interest rates and more.

Purchasing a car comes with a lot of advance research—not just in the make and model itself, but in the consumer as well. Understanding important financial details like a buyer’s credit score, minimum down payment and average monthly payments gives the consumer increased confidence in their purchase and ensures they’re getting the best car for their lifestyle.

To determine how prepared consumers were when purchasing a car, local car marketplace app Instamotor surveyed 1,500 U.S. consumers across the following car purchasing questions:

1) Did you know your credit score prior to buying a used car?
2) How much was the down payment on your last car?
3) Have you ever missed a car payment?
4) Have you ever had to refinance your car loan?
5) Was the last car you purchased used or brand new?
6) What's more important to you when buying a car: lower interest rate or lower monthly payment?

After collection and analysis, the study showed:

1) More than half of buyers did not know their credit score when buying a car.
2) Majority of buyers pay 10% or less on their car down payment.
3) 61% of consumers prefer lower interest rates.
4) 88% of car owners have never missed a car payment.

To read all the findings, including breakdowns by age and income, see here: https://instamotor.com/blog/2017-car-shopping-trend

“Before ever stepping inside a dealership or answering a “for sale” ad, you have to get your finances in alignment,” explains Val Gui, Instamotor’s Founder and COO. “Advance research not only informs your purchase, but also equips you with more bargaining power over aspects like interest rate, loan terms and more.”

The study is based on a survey of 1,500 adults between the ages of 18 - 65+ within the U.S during January 2017.

About Instamotor

Instamotor makes it easier and safer to buy and sell a used car without any middleman, saving our users hundreds and thousands more on fees and commission. Each car listed on Instamotor is verified by analyzing thousands of data points which is analyzed both automatically by our algorithms and reviewed by our Fraud & Safety team. This ensures that vehicles listed for sale are represented accurately by their owners.

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Caroline Gilbert
Instamotor
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