New car loans 'more likely to come from dealers'Drivers looking for car loans in the UK are increasingly turning towards direct finance with car dealers, it has emerged.
Drivers looking for car loans in the UK are increasingly turning towards direct finance with car dealers, it has emerged.
According to new research by GMAC, customers are much more likely to find a suitable finance package on the forecourt than with banks or building societies.
The study also found that 34 per cent of new and used car customers would make their decision to go for car finance at the point-of-sale on their personal showroom experience.
It was also stated however, that 88 per cent of motorists would make their decision on how best to make their purchase before leaving home.
Ed Paulat, UK managing director at GMAC, said the research exposed the myth on how dealer finance is considered too complex or not tailored to customer needs.
"As the survey shows, good personal relationships are an extremely important part of the car buying process," he said.
Last week a study by Halifax found that during 2006, car loans contributed towards the purchase of around £36.5 billion worth of vehicles.
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