Three-quarters of automobile buyers are considering finance options offered by dealers, despite only half of them feeling comfortable with the method.
In response to a recent study by MOTORS’ Consumer Insight Panel which surveyed over 2,000 prospective automobile buyers, dealer financing is a viable option with 63% of those that previously bought their cars outright open to such financing for his or her next purchase.
Moreover, 94% of current automobile owners paying in monthly instalments would consider dealer finance for his or her next vehicle.
The study also explored when buyers start contemplating finance options. Almost half (46%) begin serious about payment methods before initiating their search, 32% in the course of the initial search phase, and only 11% during each the shortlisting and final decision stages.
Despite the high level of interest, only 51% of those considering dealer finance report feeling comfortable with the method. A notable 34% are neutral, and 15% feel uncomfortable, with the very best discomfort levels seen amongst used automobile buyers, women, and young adults aged 18-24.
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