How the Federal Reserve impacts personal loans
The Federal Reserve just lowered interest rates for the first time in four years.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
About the author
Pippin Wilbers is a Bankrate editor. He joined the personal loans team in 2024, though he's also contributed work on the auto loans, credit cards, student loans and small business loan verticals. Pippin is passionate about demystifying complex topics, such as car financing or finding the best personal loan, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
Pippin stays on top of industry news sources, such as TransUnion and Experian. Working with reporters Hanneh Bareham and Denny Ceizyk, he analyzes industry data and trends and asks: "What does this mean for borrowers?"
Pippin lives in Denver. Before joining Bankrate, he brought vital news to his community as a small-town newspaper reporter. In his spare time, he enjoys foraging for mushrooms, reading, and dabbling in amateur entomology.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
The Federal Reserve just lowered interest rates for the first time in four years.
Skyla Credit Union, which recently merged with Parsons FCU, serves drivers looking for new, used or refinance auto loans with low rates.
LendingClub offers an auto loan refinancing option for good-credit borrowers.
Get access to a network of 150 lenders - but be mindful of limitations that could keep you from qualifying.
Borrowers can finance for higher than usual amounts and benefit from fast funding. Still, the product is not available in every state.
With about 1,500 branches across the U.S., Regions Bank offers auto loans to drivers who prefer the convenience of in-person communication while still having the option to access their loan online.
Tenet offers auto loans and refinancing to drivers who are looking into or already have an EV.
PNC Bank is one of the biggest banks in the U.S., with more than 2,600 branches across the country.
More than your credit score gets considered when you apply to refinance your auto loan through Upstart.