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CU System
New-car shoppers 44 plan financing from CUbank
IRVINE, Calif. (3/18/11)--Of those consumers planning to finance their next vehicle, 44% plan to obtain vehicle financing pre-approval through a credit union or bank branch, according to a recent study. About 43% plan to secure financing at the dealership at the time of purchase, and 6% plan to apply for pre-approval through an online vehicle financing company, according to a recent study. For new-car shoppers who plan to obtain pre-approval for a loan before proceeding to a dealership, 50% say they do it for the low interest rate, 28% indicate they do so for control in negotiations, 13% do it for convenience, 7% are motivated to reduce time spent at the dealership, and 3% get pre-approval because they have bad credit (PR Newswire March 17). The findings were part of the recent Kelley Blue Book Market Intelligence survey concerning car financing. The study revealed that 66% of new-car shoppers indicated they plan to finance some or all of the cost of their next vehicle purchase; 34% say they plan to pay the entire cost of their next vehicle in cash. Among new-car shoppers intending to finance some or all of their next vehicle purchase, 35% say they would choose a 60-month loan; 23% a 48-month loan; 23% a 36-month loan; 10% a 72-month loan; and 9% a 24-month loan. Of those new-car intenders planning to finance, 48% plan to use money from a trade-in as a down payment and finance the rest, 46% said they would use cash as a down payment and finance the rest, and 6% plan to finance the entire cost of their next new vehicle. Kelley Blue Book also recently expanded its current relationship with Autobytel Inc.’s Car.com to offer kbb.com site visitors with credit challenges and those in need of local auto-finance assistance access to Car.com’s network of participating dealers and lenders.


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