Greater transparency needed to boost confidence in dealer finance: Motors research

Three-quarters of car buyers are considering finance options offered by dealers, despite only half of them feeling comfortable with the process.

According to a recent study by MOTORS’ Consumer Insight Panel which surveyed over 2,000 prospective car buyers, dealer financing is a viable option with 63% of those who previously bought their cars outright open to such financing for their next purchase.

Additionally, 94% of current car owners paying in monthly instalments would consider dealer finance for their next vehicle.

The study also explored when buyers start contemplating finance options. Almost half (46%) begin thinking about payment methods before initiating their search, 32% during the initial search phase, and only 11% during both the shortlisting and final decision stages.

Despite the high level of interest, only 51% of those considering dealer finance report feeling comfortable with the process. A notable 34% are neutral, and 15% feel uncomfortable, with the highest discomfort levels seen among used car buyers, women, and young adults aged 18-24.

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