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While only half feel at ease with the procedure, three-quarters of potential car purchasers are mulling over the finance choices presented by dealers.
A survey conducted by MOTORS’ Consumer Insight Panel with more than 2,000 soon-to-be car buyers revealed that 63% of those who had previously paid for their cars outright are open to the idea of dealer financing for their next vehicle.
Furthermore, 94% of existing car owners who currently make monthly payments would contemplate dealer financing for their upcoming purchase.
The research delved into the timing at which buyers begin considering their financing alternatives. Nearly half (46%) start pondering payment methods before even commencing their search, 32% during the initial research phase, and only 11% during both the shortlisting and final decision steps.
Despite the substantial interest, only 51% of those pondering dealer financing feel confident with the process. A significant 34% are impartial, while 15% experience discomfort, with the highest levels of uneasiness observed among used car buyers, females, and young individuals aged 18-24.
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