Lending Monitor: Auto Loan Holder Preferences
This survey seeks to understand how consumers go about the car and loan shopping process with the goal of identifying areas where firms can enhance efforts to retain existing clients and attract new ones.
Understanding consumer sentiment around auto loans and the car shopping experience has become increasingly critical amid heightened consumer financial pressure and rising interest rates. At the same time, consumer expectations for the financing experience are evolving rapidly, with borrowers seeking greater transparency and convenience in how they research, compare and secure auto financing before and at the dealership.
For lenders, gaining deeper insight into how consumers navigate the loan shopping process, the motivations behind their decision making, and where confusion or frustration occur within the process can help build trust with consumers, driving client acquisition and retention.
This research provides a look into the consumer mindset during the auto loan and car shopping process to inform strategic decisions about experience enhancements.
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