In this day and age, when all purchases are made online, from fridge magnets to tech to furniture, it is no surprise that we are witnessing a rise in online self-service financing.
A Global Consumer study reveals 42% of consumers in Australia and 40% of consumers in New Zealand indicated they would like to apply for their next automotive loan online. And the interesting part is that the reason for this shift is nothing but ‘convenience’ with 66% consumers using online channel for this reason. 52% say it allows them to easily compare and shop across lenders. At 1800Approved,we make this easier by comparing 40+ lenders in one enquiry. And thanks to a committed bunch of financial specialists working to give a tailor-made solution that suits your specific needs, you are relieved from the herculean task of analyzing and comparing different offers.
In the context of Digital Financing, Australians surpass Americans as the data shows seven in ten American respondents would rather apply for their next loan at a dealership or through a visit to the bank or lending institution.“Convenience, speed and ability to comparison-shop across lenders, were the top reasons given by consumers",said Paul Swyny, automotive lead in Australia for FICO. Unlike other markets, auto dealerships and banks were not seen as having a pricing, security or convenience advantage in the Australian market.
Deloitte Global Automotive Consumer study reveals that almost 52% of the consumers dislike too much paperwork that comes along with taking loans traditionally. However, with simple and transparent pricing, no paperwork and no hidden charges, getting an online loan from 1800Approved is a cakewalk. For today’s average consumer time is money – saving time is saving money and online transactions cut down your engagement time remarkably. 57% of consumers in Australia currently spend 30 minutes or more completing the application process, when the same application can be completed online in 5 minutes.
It is not just the application process, but the lender submission and approval process that have been streamlined, allowing for Same Day Approvals. The best part of Online Financing is its instant, pre-qualified tailor-made offers. Study reveals 83% of the consumers surveyed find such deals extremely useful.
Swyny added that Predictive scoring analytics will go a long way in ensuring creditworthiness accuracy and Optimization of deal structures creating a win-win situation for both the customer and the lender.
So what are you waiting for? Get online and enquire today for a free quote! You can even get a free loan health check to assess your eligibility to refinance for as low as 4.9%*
