Uncertainty over their future following the Brexit vote could lead to EU nationals in Britain opting for shorter-term motor finance products, according to online retailer buyacar.co.uk.

In order to take advantage of this, finance providers need to make sure early exit options from agreements are made clear, as the retailer said some EU nationals had become wary of taking long term car finance, the retailer said.

It added that it had seen what it described as ‘a familiar mid-summer trading pattern’, with no immediate negative market impact from the vote.

Buyacar.co.uk did note, however, that it had seen more determined buyers in the market, revealed by an upward trend in the conversion rate between car purchase quotations saved on the site and actual sales.

Managing director Austin Collins said: “What emerged in our contact with many customers is that EU nationals currently resident in the UK are increasingly wary around the issue of long term finance . A significant number of those we have spoken to are citing uncertainty about their future residential status as a concern when planning for the medium to long term.

“There are nearly three million EU nationals living in Britain and they are a significant customer segment for us.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We believe this signals an opportunity for innovative finance providers to reach out to that segment with new offerings and reassurances around the exit terms of their existing products.”