Dealerships Remain Central to Auto Finance

By Staff Writer April 13, 2018

FICO announced the findings of its first global survey on consumer perceptions of the automotive finance process that find the dealership process remain key in the U.S.

In the United States, only 5 percent of consumers applied for their financing online while 29 percent plan to do so for their next purchase. In the U.S., more than any other country surveyed, the dealership is still the main channel for consumers, with 73 percent financing their auto purchase at the dealership.

The percentage of consumers who have to wait 30 minutes or more to complete their loan transaction is higher at 62 percent, which makes it the second highest country, behind only Mexico at 65 percent.  In contrast, the U.K. has the shortest wait time for the loan process with 63 percent waiting less than 30 minutes. 

Last modified on Friday, 13 April 2018 13:03

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