How to Make Buying From Your Dealership Easier

In modern days, buying a car has seen many changes compared to years past. In fact, only half of all buyers completed the vehicle buying process entirely at the physical dealership, just one part of the changing auto industry trends. Besides buying the car, the cars themselves have changed as well. Since 2016, the average price of a new vehicle has gone up from $34,450 to $48,397, or a 34% increase in vehicle price. Similarly, the average interest rate of a 60-month car loan went from 4.26% to 7.57% in the same timeframe, marking a 56% increase in interest rates.

Unfortunately, technology has brought about potential hazards in the form of synthetic identities (Syn IDs). Loans and leases with Syn ID have a delinquency rate between 3 to 5 times higher than average. In 2023 alone, Syn ID fraud rose by 98%, which resulted in $7.9 billion in total losses. 

Fortunately, companies like Equifax make it easy to detect and protect against this hazardous technology. These companies allow you to see insights into your customers’ buying power before any financing agreements are made. On top of that, they streamline the buying process for the authentic car buyers who go to your business. Regardless of who walks through your business’s door, you can rely on Equifax to make sure they’re taken care of properly.