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Carther christmas: The public reveal what they want most when it comes to car finance
British consumers have unveiled a wish list of the things that they want most from car manufacturers when it comes to financing their car and keeping it up to scratch.
In a survey which analysed how consumer habits work when they are enquiring about a new car, the thing that was on top of people's wish lists the most was 0% finance.
According to statistics compiled for a motoring website, up to 22% of consumers polled revealed that they searched for 0% interest on their car as the underlying feature – revealing that more and more people are turning to car finance more than ever before and potentially revealing an underserved niche in the UK car finance market at present.
The scheme allows the motorist to purchase a car or small van up to 3.5 tonnes, which has There were other options that could better a consumer's finance options when purchasing a car that appeared in the survey.
38% of people searched for general finance, but one of the most enlightening results that came from the survey was the 19% of people who were enquiring as to whether the car dealer of choice had a scrappage scheme on offer.
The scrappage scheme entails the Government and the said car manufacturer going halves on a £2,000 deposit on a new car, provided that a 10-year old car or older is traded in. Some manufacturers did not chip in their £1,000 discount as they believed that the deals they were providing consumers on their models covered this enough.
In total, £600m has been invested into the scheme which has seen car sales propel – a much-needed boost for the troubled car industry. However, it is understood that the funds the Government put forward for the scheme, £300m, is due to run out in the Autumn.
Hundreds of thousands of people have traded in their cars in the hope of getting this deal, which has been a massive relief for people who have been pursuing car finance.
Unfortunately, when funds run out, estimated to be in October, it is understood that the Government is not intending to renew the scheme which is currently only a few months old. Car sales are expected to crash as good car finance deals dry up – even though the demand, as seen in this survey recently, are ever higher.
As nearly a fifth of queries turn to car scrappage in the survey, it is believed that car manufacturers are urging consumers to act quickly if they want to have a chance in obtaining the attractive discount on a car in the coming months.
In a separate survey which revealed more about the mediums that consumers explore to obtain car finance, it was revealed that over 60% of consumers search online via price comparison deals in the hope of finding the best deal possible.
It is hoped that as credit becomes more available to lenders in the coming quarters, consumers will also be able to obtain more credit at friendlier interest rates.
Currently, increased credit availability is only available to businesses and if progress is consecutive, consumers may be able to see the advantages towards the end of 2009 or the beginning of next year.