AUSTIN, Texas, Sept. 21, 2021 (GLOBE NEWSWIRE) — RateGenius, one of the largest providers of auto refinance loans in America, today announced a new feature that enables vehicle owners to view pre-qualified* refinance offers without providing personal information as they search on RateGenius for a better auto loan.
The service is the latest in RateGenius’ growing suite of digital finance products engineered to help consumers and lenders by bringing ease and transparency to the vehicle refinancing process.
“One of the things that makes RateGenius stand out against our competitors is our commitment to being transparent with our customers,” said Chief Product Officer Christian Lavender. “With Loan Finder, this pre-qualification tool can get consumers a quick estimate of their potential savings without any personal information or a hard credit inquiry.”
Loan Finder works by walking the consumer through five simple, anonymized questions — credit tier, zip code, monthly payment, auto loan balance, and remaining term — to match them with real auto refinance offers, broken down by best rates and monthly payments. The pre-qualification offers are provided through a network of more than 150 lenders that work with RateGenius, allowing consumers to preview estimated auto loan rates before applying to refinance.
Borrowers simply go to rategenius.com/loan-finder to pre-qualify for free and with no impact** to their credit score.
“Customers are savvy and want to take the auto refinance shopping experience into their own hands,” said Lavender. “Shoppers who are hesitant to provide personal information or get a hard inquiry on their credit report may be missing out on opportunities to save hundreds or thousands of dollars on their auto loans. With Loan Finder, they answer questions to view auto refinance offers available in their area before committing to start the application process.”
Like mortgage refinance rates, auto refinance rates have remained low all year. In August 2021, auto refinance interest rates dropped to a new record low, an overall average rate of 5.53%. The current average over the last 30 days, across all loan terms and credit tiers, is 5.51%. Borrowers are also saving over $100 a month after refinancing their auto loans; in August, the average monthly savings was $102.62.
For up-to-date auto refinance rates for more loan terms, please visit: https://www.rategenius.com/auto-refinance-rates.
* Pre-qualification subject to verification of credit with participating lenders. Pre-qualification terms are not guaranteed.
** Completing a full auto refinance application with RateGenius will result in one or more hard inquiries posted to the consumer’s credit file.
RateGenius is a technology company that has created a proprietary, web-based platform that has assisted hundreds of thousands of consumers nationwide in refinancing auto loans to more favorable terms. By utilizing its network of more than 150 lenders, RateGenius has successfully facilitated more than 400,000 loans worth more than $9 billion. The company’s proprietary LOS (loan origination system), educational content, and customer-experience-focused business approach have been instrumental in its success. RateGenius’s online application is quick, simple, and available from the comfort of your home at apply.rategenius.com.
About The Savings Group
The Savings Group, parent company of RateGenius and AUTOPAY, is the most diversified consumer marketplace for automotive finance, refinance and protection plans. Through a network of more than 180 lenders across all 50 states, The Savings Group provides consumers even more choices for their origination and refinanced auto loans, while also delivering loan volume growth to its lender network and partners through a proprietary, web-based platform. The combined company will facilitate over $2 billion in automobile financing transactions in 2021, with more than 550 employees between its Austin and Denver office hubs.
Corbin Mihelic, CSG
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dea6d807-1cb8-4c0a-94d1-789140757b22