Although a number of direct lenders and fintech loan aggregators have focused on offering refinance products in the past year, the majority of consumers may be uninterested, according to a poll conducted by Auto Finance News.
Using Survey Monkey, 100 consumers with current auto loan payments were asked about marketing materials they have seen about refinancing offers, and 52% of respondents said they are not interested in refinancing their loan.
Still, Brian Landau, senior vice president and automotive business leader at TransUnion, said there are other advantages to refi.
“You don’t have to rely on the dealership relations to get those deals which can be very taxing on banks and independent financial institutions,” he said. “There is also a material [increase] in performance with a refinance loans versus an original purchase loan.”
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