Whether buying a car is something you look forward to, or dread, it’s pretty necessary for most of us to purchase a new vehicle at some point. Whilst we’d all love to have the funds to just go out and buy it outright, the reality is that a lot of us have to rely on finance. In fact, 53 percent of us do, according to some new research we just commissioned.
This study told us that while 53 percent of UK drivers need finance, a whopping 69 percent of drivers aged 18-34 years old rely on it. And over 60 percent of those aged 35-54, too. It’s a lot of us.
Not only this, but it turns out that almost half of us don’t even have a deposit (which, btw, is not as big a problem as you might think). Forty-one percent of those surveyed admitted that they would not be able to provide a deposit, further limiting their options when buying a car (or so they think).
With so many finance deals out there, this shouldn’t be an issue, but what our study ALSO showed us is that a huge majority of you don’t trust car sales people (70% of you no less) and don’t understand the terminology around car finance.
What’s more, the stats showed that close to half UK drivers are unaware of their credit score, and would worry about what it was and how it affected their ability to buy a car on finance. Perhaps surprisingly, 43 percent of drivers admitted to not having a clue what their credit score is – with 32 percent admitting they were concerned about it.
Our founder, Nick Zapolski, said that the statistics paint a picture of many UK drivers feeling disempowered around car financing options.
“Our study is very revealing in the sense that it proves just how many people rely on car finance, without really understanding the deals available to them.
“It’s a shame as this feeling can really diminish what should be an exciting time for people. Getting a new car should be something to look forward to, not stress about. But clearly so many people aren’t aware of their credit scores and the opportunities available to them when financing a car.
“We’d encourage all those who are thinking about buying a car to find out their credit score, read up on finance terms, and take good advice on what’s a good deal. Time to take back your purchasing power!”