Further to its findings last month that 46% of car finance customers were unhappy with their choice, FinanceAcar.co.uk has produced statistics pertaining to those consumers who chose not to take up finance offers.
Of the 1,000 respondents to take the March survey conducted by the car finance broker and comparison site, 21% (to the nearest whole percent) researched car finance but chose not to take it.
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Although the survey registered 0% as applying for finance and being turned down, 11% of respondents realised their credit history would preclude them from taking a finance option, according to FinanceAcar.
As reported by Alphera Financial Services in late 2011, and repeated by Richard Lawton of reallygooddomains.com in September 2012, many consumers are still confused by finance, with FinanceAcar reporting 15% of respondents who did not take finance did so because they could not understand the finance options being presented to them.
However, the majority of respondents, 73%, who chose not to take finance, chose to cover the full cost of purchase with case and/or savings instead. A spokesperson for the company told Motor Finance: "Until interest rates increase it’s very unlikely motor finance will appeal".
richard.brown@timetric.com
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