2020 Savings on Auto Loan Refinancing Among Highest on Record
The report provides an analysis of over half a million anonymized customer auto loan refinance applications from 2019-2020, examining interest rates, savings, credit scores, and debt-to-income ratios by vehicle type and geographical region.
- The report provides an analysis of over half a million anonymized customer auto loan refinance applications from 2019-2020, examining interest rates, savings, credit scores, and debt-to-income ratios by vehicle type and geographical region.
- Americans saved an average of $989.72 a year on refinancing their car in 2020, the largest amount since 2016.
- On average, Americans who applied to refinance their auto loans did so only 14.5 months into their existing loan -- the shortest time on record.
- "Interest in better, more attractive terms for collateral-backed loans such as mortgage refinancing and auto refinancing, with the help of historically low fed rates, has increased.