The majority of consumers using online finance calculators want to pay a deposit of £1,000 and cap their monthly payment at £200. Research carried out by G Forces and Codeweavers found that 48 months was the most popular loan term for loans closely followed by 60 months.
Most users of online finance calculators adjusted the term from the customary default 36 months term to 48 months. “One of the biggest benefits of having a finance calculator is in enabling customers to adjust the figures to suit their circumstances,” said Tim Smith, group strategy director at GForces.
“However, by using the data available to them, dealers can make the customer’s journey that little bit more straightforward by setting their finance products up for a typical customer.”
“Instead, buyers are keener on altering their deposit amount and term of finance to generate a quote that suits them. Perhaps unsurprisingly, PCP was the most popular type of finance quoted upon,” he said.
Whilst mobiles are growing in popularity for browsing cars online, desktop browsers still undertake almost two thirds (61%) of finance calculations.
These figures are the results of a collaborative study between GForces and Codeweavers, looking at users of GForces’ NetDirector Auto V10 with Codeweavers FlexiCalc or Finance Finder integrated into their site.
