There’s a notable shift in the automotive finance sector. Consumer behaviour is changing, as Experian reports. More consumers are turning to refinancing to manage vehicle loan costs. The report shows a nearly 70% year-on-year increase in automotive refinancing.
Experian is a global leader in consumer and business credit reporting and marketing services. Known for its data and analytics capabilities, it regularly shares insights into emerging trends in various financial sectors. The recent spike in automotive refinancing is one such trend catching Experian’s attention.
The consumer shift towards refinancing highlights the growing need for effective vehicle loan cost management. Refinancing lets consumers replace an existing loan with a new one under different terms. It’s a strategy often employed to secure lower interest rates, cut monthly payments, or shorten loan terms.
Experian’s Strategy: Boosting Fraud Prevention
Along with the rise in automotive refinancing, Experian has also shared its strategic focus on boosting fraud prevention capabilities. This step aligns with the company’s commitment to offer secure and reliable services to its customers.
Fraud prevention is vital in financial services, especially in today’s digital age with the prevalence of online transactions. Therefore, Experian’s focus on improving its fraud prevention capabilities is a significant move towards maintaining customer trust and confidence.
As the automotive finance sector evolves, companies like Experian play a key role in understanding and adapting to these changes. By offering valuable insights into consumer behaviour and taking proactive steps in fraud prevention, Experian shows its dedication to industry evolution and customer security.
