The number of car buyers planning to use dealer finance – hire purchase and PCP – has doubled since November 2012 according to a survey by online car retailer Motoring.co.uk.
The survey found consumer expectations on monthly payments have remained constant, which highlights the importance of affordability to consumers looking to purchase a new or used vehicle, as recently observed by online car finance provider Car Finance 247, independent lender Alphera Financial Services and credit reference agency Experian Automotive.
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Motoring.co.uk, which recently reported an increase in the number of motorists planning to use a franchised dealership for their next vehicle servicing also found 77% of consumers intend to change their car in the next three years, up from 72% in November 2012.
Chris Green, sales director at Motoring.co.uk, said: "The shift away from funding their car with cash and using dealer finance continues and this is partly due to the compelling finance offers from volume brands like 0% finance and premium brands, who now have incredible subsidised finance offers."
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By GlobalData
