Ninety-three percent of people looking to buy a car think getting prequalified for a loan would be useful, but only 50 percent of buyers actually did it, a new survey found.
The top frustration for car shoppers was an inability to see monthly payment options when shopping for a car online, well before a dealer gets actively involved.
The study by website CarGurus asked 754 people who either have recently or will soon buy a new car for their thoughts on car financing, and found older (over 45), wealthier ($100,000-plus annual income) men felt the most prepared when it comes to car loans.
If automotive dealerships want to keep up with the changing ways Americans are buying cars, they might do well to make customer financing options clear and simple to understand. Because as it stands,