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RateGenius’ Annual Study Reveals: 2020 Savings on Auto Loan Refinancing Among Highest on Record
January 27, 2021 @ 11:49 am By Samantha Hurst
RateGenius, a U.S.-based fintech company with a proprietary consumer-lending platform, announced on Tuesday its annual study revealed the current state of the auto refinance market for 2021, finding that savings are at a historical high and interest rates are the lowest they’ve been in years, with the current state of the economy driving demand in 2020 leading into 2021.
According to RateGenius, 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’s findings include:
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Press release content from PR Newswire. The AP news staff was not involved in its creation.
2020 Savings on Auto Loan Refinancing Among Highest on Record
January 26, 2021 GMT
AUSTIN, Texas, Jan. 26, 2021 /PRNewswire/ RateGenius, a fintech company with a proprietary consumer-lending platform, released their annual study revealing the current state of the auto refinance market for 2021, finding that savings are at a historical high and interest rates are the lowest they’ve been in years, with the current state of the economy driving demand in 2020 leading into 2021.
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“Last year was a difficult one for consumers across the country,” says RateGenius CEO Chris Speltz. “While it’s not surprising that borrowers who refinanced saved money on their auto loans and lessened their overall debt burden, what our analysis found was that changes in consumer behavior as a result of the pandemic such as fewer miles driven and choosing to purchase used cars over new ha
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AUSTIN, Texas, Dec. 17, 2020 /PRNewswire/ RateGenius (
https://www.rategenius.com/), a fintech company with a proprietary consumer-lending platform, announced today that it has funded approximately $8.5 billion in auto loans since 1999.
Even more significant for the company was that nearly $1 billion of those loans were dispersed in 2020, even though 85 percent of RateGenius team worked remotely for much of the year. The company, which also facilitates vehicle titling for its customers, faced additional challenges as a result of the COVID-19 pandemic. As government offices across the country shut their doors, RateGenius worked with state and county organizations to test new methods of retitling that met requirements in every state and kept employees and customers safe.
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