FICO Survey: UK Car Buyers Shifting Toward Online Financing

FICO Survey: UK Car Buyers Shifting Toward Online Financing

Rate of borrowers getting loans online rose since last year, and is among highest of countries surveyed

PR Newswire

LONDON, March 21, 2019

LONDON, March 21, 2019 /PRNewswire/ --

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Car buyers in the UK are finding more of their financing online. That data comes from the second annual survey on auto financing conducted by leading analytic software firm FICO, which showed that:

More information: https://www.fico.com/en/latest-thinking/ebook/united-kingdom-2019-global-consumer-survey-vehicle-finance-perceptions

The research, which looked at how consumers view the financing aspect of their auto purchase for new and used vehicles, also showed that UK car buyers got their financing faster than any other country but Germany, which tied with the UK:

Nonetheless, UK car buyers found the process easier than people in other countries:

"Consumers are taking greater control of the auto financing process," said Steve Hadaway, general manager for Europe, the Middle East and Africa at FICO. "They are moving online in their search for a better deal. Those lenders that can instantly offer a superior financial package based on analysis of the applicant's data stand to gain."

FICO's independent research surveyed 2,000 adult consumers across nine countries, including the US, Canada, Mexico, Chile, Australia, New Zealand, Germany, Spain, and the UK. The respondents were between the ages of 18-64 who acquired a loan or lease on a new or used vehicle within the last 3 years.

About FICO
FICO (NYSE: FICO) powers decisions that help consumers and auto finance lenders come together. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational and customer facing decisions. FICO holds more than 190 US and foreign patents on technologies that increase profitability, customer satisfaction and growth in many industries including lending.  Using FICO credit risk lifecycle solutions and advanced analytics, auto lenders can accelerate their marketing, acquisition, customer management, financial crime prevention and analytics strategies to add value to their bottom line.

Learn more at http://www.fico.com

Join the conversation on Twitter at https://twitter.com/FICOhttp://www.fico.com/en/blogs/

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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