FORT ATKINSON, Wis. (6/27/14)--Credit unions looking to educate consumers that switching their existing auto loans to a cooperative financial institution is a better deal may face an uphill battle, according to a new survey.
The survey, conducted by Fort Atkinson, Wis.-based RateWatch, a banking data and analytics service owned by TheStreet Inc., found that many consumers overlook or are not interested in refinancing their auto loans.
Among the findings:
"Auto-loan refinancing tends to be somewhat uncommon, and it's unfortunate since consumers can save thousands of dollars in the course of paying off their loan," said Ross Kenneth Urken, personal finance editor for TheStreet. "It's a technique more consumers need to recognize as beneficial to their finances."
The survey also revealed that consumers are paying off their loans with varying interest rates: