Eight in 10 car buyers don’t shop around for best finance deal

Time 3 years ago

AN ESTIMATED two million Brits regret jumping straight into the first car finance deal offered when buying their car, according to a new report by AA Cars, the AA’s used car website.

The research, which was conducted through an AA-Populus poll of more than 16,000 drivers, also found that less than a fifth of drivers using car finance (18 per cent) to buy their vehicle actually compared offers to make sure the deal they were selecting was the best one available to them.

Twelve per cent admitted that they simply couldn’t be bothered or didn’t have the time to shop around and so could have missed out on a more suitable finance option.

Nevertheless, most drivers (60 per cent overall) agreed that they were happy with the finance they had chosen.

James Fairclough, CEO of AA Cars, said: ‘With complex jargon and a wide range of financial products and rates available through car dealers, banks, manufacturers and other providers, it is no surprise that car finance is baffling for many to understand.

‘Although it is good to hear that six out of 10 people are happy with their deals, many of them could be paying a lot less if they had shopped around first.

‘If in doubt, seek advice from people with expert knowledge. We – the AA – understand the car finance market and can help both customers and dealers make the car selling and buying experience straightforward and pleasurable for everyone.’

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Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

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