Social Media Driving Off with Better Auto Needs

Social media is good for more than keeping  up with your high school buddies or tennis friends. You can use it to your benefit to save money in a variety of ways.

From saving money on purchases for the home to medical care to auto loans, following companies and their social networking activities can end up saving you funds over the long haul.

As the following article shows, don’t be afraid to utilize those social media sites for auto loans and new ways of approving credit, or anything else car related.

Social media is important to both the consumer and the auto financing industry.

Let’s take a look at both:

For the consumer…

For those looking to find the best auto financing needs, turn to social media.

Not only can you use your own pages and get a feel for your friends and followers auto need preferences, but you can also turn to the social media sites of businesses related to auto loans and other auto needs.

For example, many people use social media to share new car purchases, experiences with dealers and finance departments and pretty much anything car related.

When a consumer looks into these updates, reviews and communications, they can garner a great deal of information from the general public, which is one of the best resources around.

It’s free; it’s easily accessible and engaging.

So if you are on the lookout for any car needs, including loan information, take a stop on the social media platforms and see what you can find.

For the auto financing industry …

Use the above information!

According to Yahoo Finance, the auto industry has a huge place to tap, and that’s social media.

Because so many use social media to share and report purchases and experiences, the auto industry needs to tap this.

Data from the Yahoo article shows that:

•  Eighty-four (84) percent of automotive shoppers are on Facebook, and 24 percent of them have used Facebook as a resource for making their vehicle purchases.

•  Forty (40) percent of new car purchases over the next 10 years will be made by millennials.

•  Ninety-four (94) percent of millennial car buyers gather information online.

This is huge for the auto industry and loan businesses.

With the growing number of people using social media before any major purchase, the industry needs to tap in.

What to ask …

Back to the consumer, how should you use social media for a car purchase or loan information?

• Hashtag keywords to your questions on Twitter, like #carloaninformation or #autofinancing

• Ask your Facebook friends about their last car loans or purchases.

• Go to any social media sites you’re interested in doing business with and check them out. Engage in questions if you have them, read reviews and comments, and read about their history and service/help departments.

Most businesses, large or small, these days have some sort of social media, from blogs to Facebook to Instagram.

Use them to research your purchase and loan beforehand, then you’ll be informed and prepared for what you’re about to get into.

Photo credit: Image courtesy of tiverylucky at FreeDigitalPhotos.net

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