FICO, it of the credit score and myriad forms of consumer research on finance trends, has discovered that millennials from 25-34 "still seek the freedom, independence and convenience of owning their own car." And that millennials want or need a car so badly that 19 percent said they will buy one on their credit card, even if the interest rate would exceed that on an ordinary car loan.

Still, a cash deal was preferred by 34 percent, with 27 percent opting for more traditional financing and another 20 percent preferring dealer finance.

According to the survey, 91 percent of millennials said they prefer their own car for getting around on a daily basis. And 39 percent of Millennials said they are very likely to buy a new car in the next year, ahead of 18-24 year olds (22 percent) and 35-49 year olds (28 percent). First the car, then perhaps a house?

The study was conceived to probe millennial demand for cars and their preferences among sources of credit. Speaking to this point, Ken Kertz, auto practice director for FICO, said in a statement, "There is an opportunity for auto lenders to attract Millennial consumers who aren't being served by traditional lenders. This study shows how important owning your own car is to people both for their livelihood and for the convenience of it. Defaults are generally low with cars, so there is scope to optimize lending to offer better deals to lower-risk customers, as well as broadening the pool of potential customers eligible for loans."

FICO conducted an online survey of about 1,000 US consumers over the age of 17 in October and November 2015. Data was weighted by age and region to reflect U.S. Census data.

The report, Technology is Transforming the Way Consumers Buy Autos, can be accessed here.