Car buyers in the UK are finding more of their financing online. That data comes from the second annual survey on auto financing conducted by leading analytic software firm FICO, which showed that:
The research, which looked at how consumers view the financing aspect of their auto purchase for new and used vehicles, also showed that UK car buyers got their financing faster than any other country but Germany, which tied with the UK:
Nonetheless, UK car buyers found the process easier than people in other countries:
"Consumers are taking greater control of the auto financing process,” said Steve Hadaway, general manager for Europe, the Middle East and Africa at FICO. “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.”
FICO’s independent research surveyed 2,000 adult consumers across nine countries, including the US, Canada, Mexico, Chile, Australia, New Zealand, Germany, Spain, and the UK. The respondents were between the ages of 18-64 who acquired a loan or lease on a new or used vehicle within the last 3 years.