BMW FS: public spend longer researching phones than car finance

The average person spends more time researching the finance options for their phone contracts than they do looking for car finance offers.

BMW FS: public spend longer researching phones than car finance

According to BMW FS, 60% of those questioned said they spent up to two months researching finance options when buying a car.

This was notably below the 73% who said they spent this long researching their next phone contract. It was, however, above the 45% who spent this long researching their mortgage.

There was a difference between genders. 62% of men said they spent two months researching their car finance options, compared to just 57% of women.

Suzanne Gray, general manager, group customer strategy, BMW Group Financial Services, said: “With most of us looking after the pennies and doing what we can to make the pound in our pocket go as far as possible, our findings suggest that we aren’t prioritising the time we spend on research to get the finance options that can work best for us.

“As a nation now focused on purchasing items as a monthly spend – be this phone contracts, gym memberships, mortgages or car finance – we need to make sure we’re armed with all the facts before signing on the dotted line and committing to additional finance.”