UK car buyers are not shopping around for the best finance deal, says AA

Nevertheless, most drivers (60% overall) agreed that they are happy with the finance they have chosen. But, there is a satisfaction age split: nearly three quarters of over 65’s (72%) are happy with their car finance deal, compared to less than half (47%) of 18-24’s – possibly reflecting the greater experience of, and wider range of options for, older drivers.

James Fairclough, AA Cars chief executive, said the results highlighted how important it is for customers to have access to credit checking technology online. This gives car buyers an indication of how likely they are to be approved for finance, but without leaving a footprint on their credit record.

Fairclough said: “With complex jargon and a wide range of financial products and rates available through car dealers, banks, manufacturers and other providers, it is no surprise that car finance is baffling for many to understand.

“Although it is good to hear that 6 out of 10 people are happy with their deals, many of them could be paying a lot less if they had shopped around first.”