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Requisite Press Long-Term Loan Survey

 

Requisite Press, LLC conducted a survey of car buyers that have used long-term financing to buy new cars. The survey was written by Requisite Press and conducted using Google Consumer Surveys, beginning in November 2014. Respondents aged 35 to 65+ were presented with one screening question. Those that answered in the affirmative were presented with one follow-up question, and asked to select one of three possible answers. The answers were presented in random order.

The questions and answers, along with the number of respondents, response percentages and margin of error are shown below.

Respondents were screened with the following question:

Have you ever taken out a new-car loan with a term (duration) of more than five years (61 months or more)?

Number of respondents: 4,164

Percent answering Yes: 14.9% (601 respondents)

Percent answering No: 85.1%

Margin of error: +1.2/-1.1%

Respondents answering yes to the screening question were presented with the following additional question:

If you had been limited to an auto loan of five years or less, which of the following would you have done?

Number of Respondents: 601

1. Selected a less expensive car.

Percentage: 46.3%

Margin of error: +4.2/+4.1%

2. Selected the same car w/ higher payments.

Percentage: 29.0%

Margin of error: +3.9/-3.6%

3. Postponed the purchase to save more.

Percentage: 24.7%

Margin of error: +3.8/-3.4%

Note: The answers are presented above in descending order of selection percentage, but were presented in random order during the survey.

Additional questions about the survey?

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