Auto Finance Industry in India: Market Size, Search Trends and Strategies
Auto Finance Search Trends Report - 2023 released by Techmagnate, Indian consumers are increasingly engaging in informed auto finance decisions by conducting broader searches using general terms like "car loan interest rates"or "auto loan eligibility"instead of relying solely on brand-specific queries.
This shift reflects a growing awareness of the available options and a willingness to compare and contrast the offerings of different providers. The increasing popularity of electric vehicles is also influencing search behavior, with consumers seeking comprehensive information on financing solutions tailored to these eco-friendly vehicles.
They are actively seeking details on interest rates, loan tenures, and eligibility criteria to make informed decisions about financing their electric vehicle purchases. Affordability and transparency are paramount in consumers' auto finance search patterns.
They are keen on locating options with low-interest rates, flexible repayment plans, and transparent fee structures to minimize their financial burden. Additionally, consumers are increasingly seeking personalized auto finance solutions that align with their unique needs and preferences.
They desire lenders who can provide tailored recommendations and streamline the application process to enhance their overall experience. The Indian used car financing market is expected to grow at a CAGR of around 11% during the forecast period (2022-2027).This growth is being fueled by a number of factors, including rising disposable incomes, a growing middle class, and the increasing popularity of personal vehicles.
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