More people than before are planning to finance at least half of the car purchase with a loan, and more and more people want a longer repayment period, says Tor Haug Anonsen, Commercial Analyst at Schibsted.
Recently presented FINN and Schibsted brand new figures in their car loan tracker. The survey has been conducted 11 times in the last 7 years and provides insight into purchasing plans and financing preferences among FINN's users.
We notice that 4 out of 5 plan to finance more than half of the car purchase with a loan. This at the same time as an increase in the number who plan to spend more than 300,000 on the next car purchase, Haug Anonsen continues.
Several factors create uncertainty in today's car market
Erik Kristiansen is sales director for FINN Personal economy. He points to several factors that create uncertainty in today's car market:
- Chip shortage
- Increased shipping prices
- High fuel prices
- The war in Ukraine.
All this affects both sales and deliveries, says Kristiansen.
Among FINN Motor's users plan one in three to buy a new or used car. At the same time, Schibsted's latest population survey shows that 25% of the population are now considering waiting to buy a car due to increased economic uncertainty.
We are seeing an increase in loan-financed car purchases
Of those who are going to buy, more than ever are planning to finance their car purchase with the help of loans. And among those who need to borrow money, more than half plan to take out a loan through the bank. Here, it is DNB and Sparebanken 1 that come out as the preferred choice, according to the survey. During the pandemic, we saw a clear tendency for the local bank to play a more important role in people's financial everyday life. However, it seems to disappear in step with the infection control measures, and now it is again the interest rate that is crucial for most people.
If you want more information, contact:
Tor Haug Anonsen, Commercial Analyst Schibsted Marketing Services, tor.haug.anonsen@schibsted.com
Erik Kristiansen, Sales Director FINN Personal Finance, erik.kristiansen@schibsted.com