Consumers Want Refi Options in Online Portals, Survey Shows

Refinancing options topped the list of features consumers want in online auto loan portals, according to a survey conducted by Auto Finance News.

The survey, conducted earlier this month, asked consumers about the most important features in an online auto loan portal and preferences when it comes to digital servicing techniques.

Among respondents, 35% seek refinance options, including opportunities to repay loans more quickly. The majority of those consumers were Millennials, between the ages of 24 and 42.

Customers who finance their vehicles with Ally Financial, Volkswagen AG, and Wells Fargo were among those who said they were looking for refinance options.

Other features requested for digital servicing channels included text communication, access to contracts, and early payoff options.

Separately, the survey showed that, on average, males typically checked auto loan accounts more frequently than females. Specifically, twice as many females as males don’t access their auto accounts online, according to the survey.