Local dealerships are the first point of call for would be car buyers looking to secure finance, according to a new survey of 500 UK motorists.
Undertaken by SFS (Stoneacre Financial Services), the lending arm of Stoneacre Motor Group, the survey reveals that 50 per cent of people would visit their local dealership first when looking to finance a new or used car. Meanwhile, 38 per cent would make an enquiry with their high street bank and just 12 per cent would go down the specialist broker route.
Asked how long they would be willing to wait for a response from applications, SFS were also able to reveal that 63 per cent of the 500 would expect a response within 24 hours, one-in-four would expect it instantly.
In addition, 63 per cent of respondents said they would make contact with two to three companies during the decision making process, 20 per cent would approach just one and 16 per cent would contact as many as four or more.
Drawing meaningful insights from the data, Stoneacre’s managing director, Shaun Foweather, commented: “The survey results show that dealerships are the most favourable option for consumers looking to finance a new or used car, which is fantastic news for both franchised and independent dealers.
“It’s also clear that response times are key to sealing the deal,” continued Foweather, “meaning that those within the industry who fail to succumb to changing consumer demands will be the ones who ultimately get left behind.”
Delving into the key factors that influence where an in market individual goes on to buy a car from, the survey also asked respondents to order a series of factors by importance (1 being the most important and 8 the least).
- 1. Low Payments
- 2. High Quality Cars
- 3. Independent Reviews
- 4. Personal Recommendations
- 5. Drive Away Insurance
- 6. No Deposit
- 7. Same Day Drive Away
- 8. No Credit Check
“This data shows us that car buyers as a whole are after a good quality car, for a good price, with low monthly payments and they want it from a reputable and independently reviewed dealer,” commented Foweather.
Finally, the survey asked a series of questions regarding the ‘payment box’, a relatively new device which allows lenders to remotely disable a car following non payment, the vehicle is then reactivated via a numerical code, which is supplied by the lender upon payments being brought up-to-date. In more extreme cases, the device’s built-in GPS can be activated, allowing the lender to track and recover a vehicle.
The results reveal that 35 per cent of people think the payment box is a good idea, 34 per cent think it is an invasion of privacy and 31 per cent had no specific view on it. When asked if they would accept a finance agreement that required the fitting of a payment box, 33 per cent of respondants said yes.