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Online Financing Becoming Increasingly Popular with Car Buyers in the UK

According to an annual survey conducted by Fico, car buyers are shifting towards online financing, revealing a key opportunity for dealers.

The research by the digital analytics expert Fico surveyed 2,000 adult consumers across Britain, the US, Canada, Mexico, Chile, Australia, New Zealand, Germany and Spain. These respondents were between the ages of 18 and 64 and had taken out a form of car finance on a new or used vehicle within the past three years.

More Demand for Convenient Finance Processes

The survey found that the percentage of car buyers who obtained finance online rose to 21% from 15% last year. 37% of buyers who did not apply for finance online said that they would prefer to do so next time they purchase a vehicle.

This confirms a trend that many dealers have already picked up on, that customers are now wanting to complete an increasing amount of their vehicle purchase online. It is easier and less time-consuming, and convenience appears to be one of the biggest priorities for consumers in the modern world.

How Did the UK Perform Across the Board?

The findings reveal that the of the nine countries, the UK tied with Germany to come out on top as the country which provided the fastest financing, with 55% getting their financing in under 30 minutes.

Participants were also asked about how easy their financing experience was. Of the UK car buyers, 82% reported that they found the process easy, putting our country above the rest in this area.

Fico’s general manager for Europe, Steve Hadaway, commented, “Consumers are taking greater control of the auto financing process. They are moving online in their search for a better deal. Those lenders that can instantly offer a superior financial package based on analysis of the applicant’s data stand to gain.”

To find out more about how Click Dealer can help you convert finance leads online, get in touch via marketing@clickdealer.co.uk or 01782 454354. Alternatively, you can send us a message through our contact page. 

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