It is predicted that dealers across the UK will face increased competition from online car finance providers in 2017.
As consumers grow in online confidence, and continue to shop around to obtain the best deals for their needs and circumstances, the competition for dealers is set to rise. With online car finance providers, such as Creditplus, experiencing an increase of 29% in online applications this year, the threat to dealers is a realistic one.
Creditplus are one of the UK’s leading online car finance providers, and part of their success is attributed to the range of tools they offer to aid consumers with their car finance buying journey. One such tool is their Multi-Calculator, which allows customers to compare the monthly payments of various cars and view the details of each as a side by side comparison. Furthermore, customers will be able to determine the difference in potential monthly payments dependent on their credit scores. This innovative tool allows customers to simply view their options and allow them to make the best financial decisions suited to them.
Although dealerships are set to face this increased competition, it should be something which is embraced and not fought. With competition comes evolution and innovation, allowing for a higher quality experience for consumers, and therefore potentially increasing vehicle sales for dealerships.
Being ahead of this trend in online finance within the automotive industry means Creditplus have a strong foothold in the market, and have a solid understanding on what works for the consumer. Their goal is to continuously innovate and reach a wider audience whilst providing customers with the highest level of service, maintaining their core values and ethical lending policies.
Speaking about their place in the market and what future competition could mean, Shaun Armstrong, Managing Director of Creditplus, commented: “Two thirds of consumers already get their loan for a car before going to a dealership, and Creditplus looks to put consumers together with their perfect car through by working with our network of trusted dealers.
We believe it is the online finance offering as well as working with quality car dealers that provides the best results for our customers.”
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