Household affordability challenges are leading some consumers to consider refinancing their auto loans to save money on monthly payments.
Stephanie Roberts, director of auto products at PenFed Credit Union, told FOX Business that expanded access to credit terms has allowed consumers to more easily check the rates available to them as they consider refinancing.
"I think consumers from a credit education standpoint are more educated than ever on the health of their credit, so they're taking out those refinances," Roberts said, noting that many banking and personal finance apps give consumers access to their credit scores.
"A lot of lenders, PenFed included, are allowing for consumers to check their rate by way of soft pull … without any impact to their credit score or promises that I'm going to go through this process. And I think that's why a lot of people are now seeing that refinance is a fruitful option for them, where it hadn't been like that in the past."
Average New Car Payment Reaches All-time High As Affordability Issues Persist
#affordability #consider #check
Stephanie Roberts, director of auto products at PenFed Credit Union, told FOX Business that expanded access to credit terms has allowed consumers to more easily check the rates available to them as they consider refinancing.
"I think consumers from a credit education standpoint are more educated than ever on the health of their credit, so they're taking out those refinances," Roberts said, noting that many banking and personal finance apps give consumers access to their credit scores.
"A lot of lenders, PenFed included, are allowing for consumers to check their rate by way of soft pull … without any impact to their credit score or promises that I'm going to go through this process. And I think that's why a lot of people are now seeing that refinance is a fruitful option for them, where it hadn't been like that in the past."
Average New Car Payment Reaches All-time High As Affordability Issues Persist
#affordability #consider #check
3 months ago
