Nearly half of car buyers are dissatisfied with their choice of finance product, according to research commissioned by car finance broker and online comparison site FinanceAcar.co.uk.

From a survey of 1,000 motor finance customers conducted this month, 46% of respondents who had taken out PCP, HP, PCH or a loan to purchase their car were "unhappy with their choice", particularly among customers under the age of 25.

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FinanceAcar added 40% of those surveyed who had used finance had researched their finance options first.

The lack of research appears at odds with the advice repeated to those in the motor finance industry throughout 2012 on the use of the internet by private individuals to research a car purchase. At the Finance & Leasing Association (FLA) Motor Finance Convention in November Mark Squires of Benfield Motor Group repeated Google research that the average car buyer only makes 1.3 dealer visits but surveys 18 websites before making a purchase.

‘Plenty of scope‘

Other Google statistics have been quoted by MotoNovo, saying 74% of US customers begin investigations online four months ahead of purchasing a car, and by Jamie Dixon of web management company GForces, who said 94% of UK customers are researching online prior to visiting a dealership. As such, Dixon told attendees at the FLA Used Car Seminar, dealers and financers now dealt with ‘pro-sumers’, empowered with pre-purchase research, particularly regarding the vehicle, and who formed a demographic to which it would be worth marketing finance.

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Meanwhile, both Alphera Financial Services and Manheim-owned Motors.co.uk reported in late 2012 that the majority of motor customers were using the internet to keep aware of deals and negotiating space, if not finance specifically.

Nadim Saad, found of FinanceAcar, said the company wanted to help "people make more informed car-buying decisions and our research suggests there’s plenty of scope for improvement.

"If use of the web to research car finance grew to similar levels of car insurance this would increase car finance awareness and confidence, thereby increasing industry growth and transparency – an outcome that is best for the trade and consumers".

richard.brown@timetric.com