FICO survey: UK car buyers ready for digital financing — but adoption is slow

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HIGHLIGHTS:

  • In a new FICO survey, only 10 percent of car buyers said they got their auto loan online
  • While only 15 percent of UK consumers applied for their most recent automotive loan online, 48 percent plan to do so next time
  • 50 percent of UK consumers only considered one lender before making their final loan selection

Silicon Valley analytic software firm FICO today announced the findings of its first global survey on automobile financing, which showed that consumers are planning to move to digital lending — but haven’t yet. While 63 percent of UK consumers acquired their most recent automotive loan at a dealership, and just 15 percent got a loan online, only Germans saw a higher rate of online auto lending. In addition, 48 percent of respondents said they would prefer to apply online next time, the highest figure among the nine countries surveyed.

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