Loan delinquencies are decreasing, consumer loans (specifically new and used autos) are increasing and bankers are beginning to feel more comfortable extending loans. With the economy and the loan environment beginning to shift, what does today's loan customer look like?
A recent survey conducted by RateWatch aims to understand the behaviors and preferences of consumers regarding their current loans and future loan plans. Responses were obtained through a third party service with questions distributed March 28 - 30, 2014 to consumers ages 18 and older throughout the United States. 608 total unique responses were received with 527 having completed the full survey.
The results report shows, by total respondents, how 16 auto lending questions were answered and also displays graphs and charts broken out by age, income and gender for each question.
To start, respondents were asked questions about their current auto loan situation. For example, how long have they owned their primary vehicle (if they own one), how much do they still owe compared to initial amount borrowed and current market value, what interest rate/over what term are they paying and do they plan to pay off early. They were also asked about their future plans and expectations. For example, when do they plan to purchase their next vehicle, how much will they spend, what steps will they take in their buying process, and how important are various features in their lender selection process. If they do not plan to purchase a vehicle in the near future, respondents were asked what factor is most keeping them out of the market.
Respondents were also asked some general lending questions to gauge their institution type perceptions. They were asked, for various loan types, what type of institution do they feel has the best rates and what type would they prefer to obtain a loan from. For some, the answer comparisons were surprising.
Complete the form below to purchase your copy of the full survey results for only $149 or request more information.