Students with student loans could be given a discount on auto loan refinancing in the USA, if a company can prove that they can make it work.
The company, USAA, said it had reached out to several USA lenders and is “committed to helping our customers achieve financial independence”.
“We are committed to working with our borrowers to ensure they receive the loan they need, when they need it and on time,” said USAA USAA President and CEO Doug O’Neill.
“As USAA has been working with USAA lenders, we have seen that some USAA borrowers have a greater need for refinancing than others.
For those who have been unable to get a loan refinanced because they do not meet the income thresholds for the loan, we believe it is in the best interest of USAA to offer a reduced interest rate.”
In a statement to the Irish Times, USA said: “We have been in discussions with USA to help facilitate refinancing of our USAA loans.
USAA has received numerous reports from borrowers who have taken advantage of this program, and we are working with them on the feasibility of a refinancing offer for these borrowers.
As USA has been helping our borrowers achieve financial freedom, we will continue to do everything in our power to make refinancing easier for borrowers.”
It is our expectation that our borrowers will be able to access refinancing through USAA and USAA’s partner lenders.”
USA has a portfolio of over $4 trillion in auto loans.
The USAA program will also give USAA loan borrowers access to the latest loan information and credit scores.
‘USAA is helping borrowers’ In the first three quarters of 2019, USADB’s research showed that student loan borrowers were more likely to have their loans forgiven than their non-student counterparts.
This could be due to the fact that borrowers are able to refinance their loans faster and less expensively, as USADS data shows that refinancing rates have fallen dramatically for borrowers with outstanding student loans.