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|Easier car finance could contribute an additional £9.6bn to the UK automotive industry|
|Thursday, 24 September 2015|
A new study has found that easier car finance processes and improved financial management technology could help inject an additional £9.6 billion to the UK’s automotive industry. The study, from financial technology company Intelligent Environments, uses data from an online survey of 2,000 UK consumers, as well as the Office for National Statistics and the Society of Motor Manufacturers and Traders, to determine the potential cash injection for the automotive industry.
Almost two thirds of Brits (63 per cent) said buying a car is difficult, and 61 per cent said that finance is one of the most challenging aspects to buying a new car. The study also found that one of the factors that puts people off taking out finance to buy their car is that they have to deal with their local dealership. 63 per cent said they don’t trust their dealership to manage their car finance properly, and 49 per cent said they would like to have a closer relationship with their car manufacturer after buying their car, a relationship that currently ends after the point of purchase.
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