Despite rising interest rates, consumers may still be in the market to refinance their existing auto loans.

For borrowers, car loan refinancing can still offer an opportunity to lower their monthly payments, with the need driven by inflation and a shifting economy.

Lenders have the opportunity to offer attractive interest rates to borrowers looking to refinance. For example, through income and employment verification, lenders can assess a borrower's current situation and determine if they're still capable of upholding the commitment of timely repayments - allowing them peace of mind while offering rates tailored to each member's needs. And for consumers, a positive change in income may entice lenders to offer better loan terms.

Layering income and employment data with credit data can also help lenders offer more attractive loan terms.

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