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FinanceAcar Launches World's First Car Finance Comparison Engine
Aug 11, 2010 (10:08 AM EDT)
LONDON, Aug. 11 /PRNewswire/ -- UK car finance specialist, http://www.FinanceAcar.co.uk, announced today that it has launched the world's first car finance comparison engine. It fills an estimated 11.5 billion pounds gap left by traditional comparison websites in the UK such as Moneysupermarket.com that only compare car finance prices based on car loans. A car loan is just one form of car finance used by less than 1 in 5 car buyers in the UK and the size of the comparison gap in the US and Europe is proportionately similar. FinanceAcar solves this problem as it instantly compares all car finance options (car loans, hire purchase and car leasing) and empowers car shoppers with information that has never been available in one place before by answering the question: "What is the lowest monthly price I need to pay to drive the car I want?"
According to the Finance and Leasing Association and Keynote, at least 80% of all car shoppers use car finance for the average 2 million new vehicles acquired each year in the UK (market of circa 19 billion pounds/year) and until now, most of it could not be compared. FinanceAcar allows a user to select their preferred new vehicle by make and model, by budget and/or by car type and then it tells them the cheapest monthly price to finance that car. Importantly, it is not just a comparison website but also an ecommerce website. A user can choose their car, select their finance and insurance deals, complete a credit check and application and have the car delivered to their front door.
Founder Mark Peatey, who launched itv.com and grew it to become one of the UK's largest websites says, "Our product fills a huge gap in a massive market. There are many different and confusing products and, until now, there has been no way for people to compare all monthly finance prices for each individual car. We democratise car shopping by putting all the finance options and their prices for any selected car in one place for the first time."
Co-founder, Nadim Saad, added, "Our intention is to use FinanceAcar to reinvent the way people shop for cars and thereby change car ownership. A BMW 1 series can be financed on a car lease for as little as 220 pounds/month and after 3-4 years you can have a stress free new upgrade much the same way as your mobile handset. The traditional alternative is to pay 600 pounds/month to buy the car and keep it. However, because it is tough times and people can drive a better car for less money per month, we believe that with full product comparison a lot of people will trade up to a better car while trading down from ownership."
Market Data Source - Finance and Leasing Association, Keynote
FinanceAcar (http://www.financeacar.co.uk) is a UK car finance specialist. Its new product was selected by Microsoft as its "startup of the day" and it was recently voted by Seedcamp (one of Europe's largest groups of tech investors) as one of the top 5 products (out of 200) presented to London Seedcamp. Its product is the world's first comparison engine that compares all car finance products for new cars (car leasing, hire purchase and car loans) in one place, making it comprehensive in car finance compared to other comparison engines such as Moneysupermarket that only compare car loans. The website compares finance from top UK lenders for 6,000 vehicles and offers more than 1,000,000 different prices. The site now allows car shoppers to choose their car by make or budget and within seconds it presents the best finance product and best UK monthly price for that car based on the monthly cost of ownership. Once the user obtains the best monthly price, they can get a full personalised quote, obtain a credit check, apply for finance and have their chosen car delivered to their door. FinanceAcar's team and partners combine more than 30 years of UK car finance experience with more than 30 years of blue chip media, internet and technology knowledge. They draw on experience from launching one of the UK's largest websites (itv.com) and several international businesses.