Published on : Jun 14, 2017
Albany, New York, June 14, 2017: The car finance market has emerged as one of the fastest growing markets in the previous few years. With the high price of many new vehicles encouraging many buyers to look at credit to fund/part fund their purchase, in which car finance has traditionally played a greater role. To offer an insight into the market, a new study titled “U.K. Car Finance - May 2017” has been broadcasted to the wide repository of Market Research Hub (MRH). This report presents the results of exclusive research into several aspects of buyer behavior when it comes to car finance. With a prime focus on U.K. market, the study includes a detailed review of the importance of car finance alongside other methods of financing the purchase of a vehicle by private buyers as well as the likelihood of car buyers using car finance products in the coming years.
The car industry has been one of the UK's biggest success stories, but it has also been built on household debt. A huge number of new and used car buyers in the UK are making their vehicle purchase on finance of some sort, and many people choose to arrange it through the dealership. A surge in loans for new cars was behind a big increase in lending to households. As per the recent findings, the car finance market has grown at a frenetic pace since the recession, mainly supported by low-interest rates and the popularity of affordable Personal Contract Purchase (PCP) products. PCPs are extremely popular with car manufacturers and their dealers, as they tend to “lock in” customers to repeat purchases either at or prior to, the end of the contract. From a consumer perspective, it has been analyzed that in U.K. savings used more commonly than car finance for last car purchase.
Initially, the report presents an executive summary of the market and finds that new and used car finance showed double-digit value growth in 2016, car finance both grew by 12%, but market value and volume are expected to weaken further. Last month, the Financial Conduct Authority (FCA) launched an investigation into the industry because it fears poorer customers may be paying too much for credit. The shadow of an upcoming FCA investigation into fairness is now looming, and new cars are expected to lose their shine over the next few years. Under-explored opportunities lie in used car finance include online distribution and leasing.
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Moreover, the report highlights companies and brands, market share, size and their competitive strategies. Views on the value for money of different types of providers offering car finance are presented as well as consumer thoughts on various statements associated with car finance are also mentioned.
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