(PRWEB) March 26, 2013
Research conducted by FinanceAcar suggests that whilst the consumer car finance market grew by 36% in 2012 (source: Finance and Leasing Association [FLA]), and the percentage of all retail new car sales purchased with car finance climbed to a new high of 71% (source: FLA), a large proportion of car buyers are not happy with the car finance products they have chosen.
46% of survey respondents who had taken a loan or other car financing product to fund the purchase of their last vehicle were unhappy with their choice of car finance product with the level of concern most prominent in the under 25’s.
The car finance attitudes survey also suggests large numbers of car buyers are not investing time in researching car finance products and prices before meeting with potential car sellers. Only 40% of respondents who funded their last car with motor finance researched their options online which is less than half the percentage widely quoted as using the internet to research their next car purchase. This is contrary to other finance segments such as car insurance where 80% (source: Consumer Intelligence) of people use price comparison websites to research the market suggesting that consumer awareness of online car finance options needs to grow.
“Our research has delivered some fascinating insights”, said Nadim Saad, founder of FinanceAcar. “We are passionate about helping people make more informed car buying decisions and our research suggests there’s plenty of scope for improvement. All the tools a car buyer needs to research their car and car finance options are widely available online. Therefore, we urge all car buyers to spend more time considering their finance options which will result in them saving thousands of pounds and being happier with their financing choices. Indeed, if use of the web to research car finance grew to similar levels of car insurance this would increase car finance awareness and confidence thereby increasing industry growth and transparency - an outcome that is best for the trade and consumers”.
“Additionally we call upon the motor finance industry to reflect on these results and really consider what more it can do to fully meet the needs of car buyers”.
The FinanceAcar ‘Car Finance Attitudes’ Survey was conducted in March 2013 with 1000 responses, weighted by age and region.
Financeacar.co.uk is the market leader in matching the cheapest car price and the best finance from top lenders to create unbeatable monthly deals. FinanceAcar (http://www.financeacar.co.uk) allows personal and business users to quickly compare vehicle costs and submit an online credit application that will not leave a mark on your credit record.