Three-in-four car buyers fail to shop around for finance – are you one of them?

  • Almost 72% accept first finance product presented by dealer
  • One in four buyers don’t understand finance options
  • With 30% feeling they have no control of deposit or monthly payments

Choosing the right car for you is tricky, but getting the right finance deal is an even more daunting challenge for many drivers, new research reveals.

More than 70% of those signing up for finance took the first product recommended to them by a dealer, without shopping around, a new RAC Opinion Panel survey discovered. Meanwhile, a quarter of finance users didn’t understand the options available to them when they committed to the contract.

DS Automobiles showroom

This backs up Parkers investigation findings that more than one in five drivers do no research into their finance options – putting them at risk of paying way over the odds or being trapped in an unsuitable contract.

Follow our top tips to make sure you get the best possible car finance deal and check out our guide on how to dodge dealers’ sneaky finance sales tricks.

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Furthermore, the new survey of 400 finance users found that 30% felt they had little or no control in determining what size deposit to put down or the scale of their monthly payments.

Even more worryingly, 20% claimed that they felt under pressure to accept the deal presented by the dealer, with one in 10 admitting that they didn’t feel in complete control of their current payments.

Car finance confusion

‘A car is one of the single biggest financial commitments we can make and we should, in theory, enter any financial agreement armed with the right information and the confidence to challenge a poor deal when we see one’, urges Alastair Crossley, head of motoring services at the RAC.

‘But our research suggests that it is actually the dealer or finance company that is really running the show,’ he continues.

Make sure you are in control of your car finance deal by doing your preparation and reading Parkers' simple top tips to getting a good deal.

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