Financial technology company Intelligent Environments report that 50% of drivers believe motor finance agreements are too “complicated and difficult.”
Other key findings include:
26% have avoided applying for motor finance at all due to lengthy processes 32% of consumers would rather take out a personal loan to cover the costs than apply for motor finance 34% felt that having access to digital application tools would play a big part in choosing their motor finance provider David Webber, managing director at Intelligent Environments, said that the key to solving this problem lay in more and better use of technology: “Businesses must digitise. If half of consumers agree that the vehicle finance application process is too complex, then something must change.”
James Tew, CEO at iVendi, added: “This survey underlines many things that we have long been saying about motor finance. Too many people find themselves bogged down in application processes that are unnecessarily difficult and time consuming.
“Of course, some providers recognise that change is needed and have been making major strides. However, others retain methods that are deeply rooted in 20th century technology – something that is deeply offputting to 21st century car buyers who expect to be given access to efficient and effective digital processes.”