Consumers who need to borrow money to purchase a new car have long turned to banks, credit unions and other lenders as a source of cash. While some choose to invest the time it takes to locate the various lending options themselves before they head to a car lot, most don’t.
The majority of car buyers rely on auto dealers for help in that process. Two recent surveys confirm a majority of consumers don’t pre-qualify for car loans before going to the dealership and instead want to arrange their financing when they get there.
- 93% - Percent of people looking to buy a car who think getting prequalified for a loan would be useful1
- 50% - Percent of people who bought a car who actually got prequalified for their loan1
- 60% - Percent of people who say they want to arrange for financing at a dealership2
- 75% - Percent of people who actually want to arrange for financing at a dealership once they’ve begun the purchase process2
Research shows most consumers rely on auto dealers for help when it comes to finding financing. And auto dealers know they can rely on Exeter when it comes to taking good care of their customers.
1 Sebastian Blanco. (March 9, 2021). Study says most car buyers wish they knew more about financing. Car and Driver. Retrieved from: https://www.caranddriver.com/news/a35774209/study-says-most-car-buyers-wish-they-knew-more-about-financing/#:~:text=Two%2Dthirds%2C%2066%20percent%2C,before%20going%20to%20the%20dealer.
2 Joey Pizzolato. (April 12, 2022). Consumers still want to secure financing at a dealership, survey finds. Auto Finance News. Retrieved from: https://www.autofinancenews.net/allposts/sales-and-marketing/consumers-still-want-to-secure-financing-at-a-dealership-survey-finds/.
If you ever have questions, concerns or comments, please call our Dealer Operations Group at 1-855-4EXETER (855-439-3837).
Exeter Finance LLC is a non-prime auto finance company headquartered in Irving, Texas. The company partners with franchised and independent auto dealers throughout the country to make car ownership a reality for consumers. For more information, call our Dealer Operations Group at 1-855-4EXETER (855-439-3837).