Click here to view your points.

Click here to refer more friends for more chance to win.

Three quarters of consumers unsure if they are being offered fair deals on cars and finance

Purchasing a car is proving stressful and confusing for buyers, new research suggests.
By Editorial on Mar 19th, 2018   @freelotteriesuk

In a recent survey commissioned by FairSquare, UK consumers were asked for their opinions on finance products and offerings from the car sector.

The results show that more than three quarters of all cars bought in the UK are bought with finance products. However, 89 per cent do not fully understand the ‘small print’ of their car finance deal – such as what happens if the stipulated mileage is exceeded.

Despite this lack of understanding, 60 per cent sign up, without knowing what the consequences may be.

Some 32 per cent are not aware that multiple applications for credit can adversely affect personal credit scores, and 73 per cent of car buyers feel unsure as to whether they are being offered fair deals or not.

Two thirds (66 per cent) feel dissatisfied after completing a car purchase, while 37 per cent would consider buying their next car online – up from 25 per cent in 2016.

What is more stressful than buying a car? 

UK customers were asked to list the top ten experiences they consider less stressful than buying a car, with a visit to the dentist, a visit to the doctor, and Christmas shopping the top votes.

The least favourite elements of car buying are visiting dealerships and forecourts, filling out lengthy requests for personal information and having to repeat the process with each different provider, and comparing prices of the same vehicle and finance offers from different retailers.

Paul Bartley, CEO of FairSquare says, 'These results paint a pretty disappointing and unsatisfactory picture of the car buying and financing landscape in the UK.

'Even if consumers feel they are paying the right price for the car, there is clearly a lack of understanding of the finance products available to them, together with the benefits and risks associated with those products. Access to like-for-like comparisons is very challenging and time consuming.'

More than half of those surveyed would prefer a simple service, without sales jargon and one single application that allows them to buy their next vehicle securely online.