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How
to find the best deal when financing your next vehicle
A new
survey reveals that more than seven out of 10 consumers
do not check their personal credit score or compare
financing options from dealers and credit unions/banks
before heading to the showroom. This is despite the
fact that almost six out of 10 of those polled say they
do conduct research on particular car or truck models
before going to the dealer.
"During the vehicle buying process, consumers
tell us they put a lot of research into the car or
truck they are considering," said Eric Hoffman
of Americans Well-informed on Automobile Retailing
Economics (AWARE), a new auto finance consumer education
coalition that sponsored the nationwide survey. "Our
goal is to help educate consumers so they are as aware
about their financing as they are about the vehicle
they are buying."
According to AWARE's survey, the vehicle financing
process is out of the consumers' comfort zone. Fewer
than half (48 percent) said they feel informed about vehicle
financing, while 32 percent of consumers said they
feel uninformed.
"We found that most consumers classified themselves
as 'novices' or 'apprentices' when it comes to vehicle
financing and admit to feeling uninformed when it
comes to that process," Hoffman said. "Our
mission at AWARE is to reach out to and be a resource
for all Americans who are thinking about buying another
vehicle."
One of AWARE's primary initiatives is a Web site — www.autofinancing101.org — that provides consumers with information needed
to make educated financing decisions. The Web site
includes auto finance calculators, advice and tips
about financing and leasing, printable wallet cards
with tips and more. All materials are available in
English and Spanish.
The poll further revealed that three in 10 consumers were
very interested in learning more from the vehicle
financing industry. Those most interested are African
Americans (81 percent), consumers aged 25-54 (68 percent) and parents
(68 percent).
"Individual members of AWARE have worked diligently
to educate consumers about financing options,"
said Hoffman. "But even with such a strong track
record, our research has indicated that if we combined
education efforts, we could have a greater impact
on consumers. That's why the auto dealers and financial
services company leaders involved with vehicle financing
came together to provide consumers with the information,
tools and resources they need to make informed decisions
when financing a vehicle."
The
national poll, conducted by KRC Research on November
17-21, questioned 1,030 Americans aged 18 and older.
(Source:
AWARE) |
