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Tuesday, 26 January 2021 21:02

2020 Savings on Auto Loan Refinancing Among Highest on Record

Index

Demand for Auto Loan Refinancing Witnessed Across the Country

 

  • 38 out of 50 states saw more refinancing loans approved in 2020 than in the year before, Washington (+56%), Arizona (+47%) and Oregon (+44%) leading the charge.
  • Nearly all states registered more refinancing applications. Only Alabama (-4.9%), Minnesota (-1.3%), South Carolina (-1.1%) and Wyoming (-0.5%) did not see an increase in applications in 2020.
  • Borrowers in North Dakota and Hawaii enjoyed savings of over $1,300 a year on their refinanced auto loans; these states had the highest average annual savings in the U.S.

 

For borrowers hoping to refinance their auto loans in 2021, the forecast is positive.

 

"2021 is shaping up to be another year for record savings," said Vice President of Business Development Scott Markland. "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. This trend is likely to continue throughout 2021 and is one noteworthy for consumers as well as lenders looking to serve consumer demand."

 

Source: RateGenius

 

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