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Nearly two-thirds of UK consumers acquired their last auto loan at the dealership

LONDON – 31 May 2018

HIGHLIGHTS:

  • In a new FICO survey, only 10 percent of car buyers said they got their auto loan online
  • While only 15 percent of UK consumers applied for their most recent automotive loan online, 48 percent plan to do so next time
  • 50 percent of UK consumers only considered one lender before making their final loan selection

Silicon Valley analytic software firm FICO today announced the findings of its first global survey on automobile financing, which showed that consumers are planning to move to digital lending — but haven’t yet. While 63 percent of UK consumers acquired their most recent automotive loan at a dealership, and just 15 percent got a loan online, only Germans saw a higher rate of online auto lending. In addition, 48 percent of respondents said they would prefer to apply online next time, the highest figure among the nine countries surveyed.

More information: http://www.fico.com/en/latest-thinking/ebook/2018-consumer-survey-of-automotive-finance-perceptions-united-kingdom

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Origination Manager Essentials reduces loan application processing time to 60 seconds or less

SAN JOSE, Calif. — 5 APRIL 2017

HIGHLIGHTS:

  • FICO® Origination Manager Essentials is designed to help mid-market banks and credit unions automate small business lending decisions.
  • The solution combines powerful analytics with an automated, cloud-based platform to increase loan volumes with the same amount of staff and drive down the cost of originating loans.
  • Origination Manager Essentials includes the well-established FICO® Small Business Scoring ServiceSM, which helps lenders assess the risk of small businesses applying for credit

For more information: www.fico.com/fico-origination-manager-essentials

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