Car buyers unsure about using online car finance

Its poll found 79% of car buyers still appear unsure about buying a car on finance online, with 41% of those saying they wouldn’t consider buying remotely and 38% reporting they would want to conduct further research before deciding. Only 21% of respondents said they’d be happy to finalise finance online. 

These findings come despite an initial assumption that the increase in online sales during Covid-19 restrictions would make drivers more comfortable with finalising a car purchase online. Backing up this point, 71% of respondents said the pandemic had little or no effect on their attitudes or - on the contrary - had made them less comfortable than before. 

Responding to these findings, ALPHERA UKs head of national sales Kirk Franks, said: “Despite changing consumer trends and new technologies, there still remains a significant preference for UK customers to make that final or most significant step in the purchase process face-to-face, in person and in real time. 

“Purchasing a car is one of the biggest financial decisions a person can make, so car buyers understandably want to speak to a finance specialist, understand their various options and choose the right finance product for their specific needs.” 

Despite the lack of willingness to undertake every aspect of the finance agreement process online, people are still turning to digital platforms in greater numbers for other parts of the car-buying journey. APLHERA, for example, has seen user numbers for its ’self-service’ platform MyAPLHERA Finance more than double.