Affordability: The Important Missing Detail in a Car Buying Decision

By: John Giamalvo, VP, Dealer Services, Automotive Elements of the car shopping process have certainly moved upstream to the consumer over the last 25 years, and not just because of the internet. Massive make/model competition, longer finance options, leasing, certified pre-owned, and simply cars that last longer contribute inherently to more consumer data to manage. With the multitude of advertising mediums available, messaging to consumers changes quickly in the current auto climate. Consumer access to information is certainly easier than ever with today’s desktop and mobile tech…..

• Car Specs
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• Car Reviews
• Price
• Trade-In Value
• Dealer Reviews

In today’s “cheap money” environment, it is almost impossible to find a manufacturer ad that doesn’t close by touting an aggressive lease deal or an amazing 0% captive finance offer -to -buy. These offers certainly conjure up the “buy it now” message, but this type of messaging tends to abandon consumers looking to learn whether or not they qualify for the deal. Clarity around affordability may be the most important missing detail of all for a consumer to make a final purchase decision. A recent look at Internet search queries in the auto sector revealed a strong and growing desire of consumers to understand their credit and qualifications prior to visiting a dealership.

So, why not provide information and access to that information while a shopper is on your website—shopping for a car? Providing information that customers want, when they want it, helps builds trust. Doesn’t it stand to reason that the dealer who does gains customer trust has the best chance of capturing their business? The customer’s choice of car and payment options are more focused. The time at the dealership is shortened. Also, the consumer’s fear of not qualifying for the very deal that enticed them to come in is eliminated. In addition, the customer is no longer anonymous to you.

When you think of Equifax, you may think of us as just a credit bureau. However, with credit data as our foundation we offer solutions that can solve issues for both the dealer and the consumer at various points and for various reasons in the auto loan process. Perhaps it’s simply providing the consumer’s score, a more exact payment calculator, or even understanding customer’s current equity to present an offer; our real-time solutions are a perfect fix! For more information on how Equifax can help you give consumers insight into affordability, contact us.