JD Power Says These Are The Most Satisfying Auto Lenders Right Now
Most car buyers won't have the cash available to pay for their car upfront, and as a result, will need to turn to an auto lender in order to get behind the wheel. Plenty of finance options are available for both new and used car buyers, although not all lenders are equal. Some get better ratings from customers than others, and according to JD Power's latest rankings, the best-rated auto lenders focus on financing premium and luxury cars. Its customer satisfaction survey asks respondents to rate their loan provider across several key metrics, including communication, ease of application, and level of trust, among others.
Three providers came out in joint first place in the study: BMW Financial Services, Mercedes-Benz Financial Services, and Lincoln Automotive Financial Services. Each achieved a score of 735 points, significantly above the segment average of 712. Lexus, Audi, and Acura's in-house auto lenders also scored highly in the premium segment.
Mass-market lenders generally received lower scores than their premium counterparts. In the mass-market segment, the average customer satisfaction score was 672 points. Ford Credit emerged as the top lender in this category with a score of 714 points, while Chase Auto sat in second place with 705 points. Bank of America's score of 695 points was enough to earn it the final podium position.
Financing experiences are often better for wealthier customers
When discussing the results of the study, JD Power's senior director of automotive finance intelligence Patrick Roosenberg said, "auto loan customers are having very different experiences based on their relative levels of financial health," with less financially secure customers being notably less satisfied. He said that "financially healthy borrowers are experiencing historically high levels of overall customer satisfaction," but that lenders need to "focus on proactive communication and targeted services" for financially stretched customers.
If you're planning on applying for a car loan, it's always best to head into the dealership as well-informed as possible. There are several ways to improve the APR for your car loan to score a better deal, including boosting your credit score and shortening the length of your loan if you're able to. It's also advisable to know the key differences between leasing and financing a car, so that you can pick the option that's best for you ahead of time rather than relying solely on a salesperson's advice.