A survey carried out by financial technology firm Intelligent Environments has found that more British consumers are preferring to manage their car finance online.
The survey found that almost half of consumers (48%) who own cars on finance say that sourcing the finance is one of the most difficult factors when purchasing a car.
Over a third (32%) have also been deterred from buying a car due to the seemingly lengthy finance process. Over half (56%) said that they would prefer to manage their finance plans online and just below half (48%) saying they would like to sign up to car finance online.
David Webber, Managing Director of Intelligent Environments said:
“Consumers do everything digitally researching, browsing and now buying cars and car finance.
“The current auto finance application and management process involves a lot of paperwork which can be time and energy-intensive, so it’s no surprise that the competition – disruptive new companies that offer cars and finance with a click of a button – have the potential to overtake the traditional providers.
“It’s not just consumers that are clamoring for this – as our survey of senior decision makers in the retail motor and car finance industries shows, digital engagement encourages loyalty and purchases of new vehicles.”
This research comes as no surprise to My Car Credit who are already at the forefront of the latest technology for consumers applying for car finance online.
My Car Credit’s goal has always been to change the face of motor finance and make car finance as easy to access for as many people as possible; allowing customers to buy the car they want, at a budget they can afford.
With an easy-to-use online finance calculator and application form that takes less than 3 minutes, My Car Credit have invested heavily in technology to develop a unique and market-leading car credit checking system that has been built based on many years of trading and successful underwriting.
Unlike our competitors, such technology allows My Car Credit to provide instant, online finance decisions, faster manual decisions, offer greater flexibility and a more diverse selection of car finance products including Hire Purchase (HP), Personal Contract Purchase (PCP), and Personal Loans.
All finance decisions are communicated instantly via onscreen, text message and email. At this stage in the application process, My Car Credit only carry out a soft search and a customers credit profile would not be affected.
My Car Credit have also developed approved partnerships with thousands of the best new and used car dealers in the UK, so if a customer hasn’t already found a car of their choice when making their initial application for finance, My Car Credit can give them access to browse a diverse and competitive list of vehicles through their own online stock search. All vehicles available are provided by My Car Credit’s own ‘Trusted Car Dealers’ who are regularly vetted for their status with the Financial Conduct Authority (FCA) for their financial stability and customer service standards.
So, whether you have chosen your new car or not, My Car Credit can give you an instant online finance decision. Click here to apply and receive your instant online finance decision in less than 3 minutes!