A new TransUnion study found that consumers applying for a new mortgage are on average two to three times more likely to open a new auto loan over the next 12 months.
In fact, many of these consumers open these accounts as soon as one month after their existing mortgage payoff.
Prime or better mortgage applicants on average can be up to three times as likely to open a new auto loan in that same 12-month period.
TransUnion’s study included 16.7 million consumers who paid-off their mortgages and moved with new mortgages or refinanced their existing mortgages between the first quarter of 2013 and the second quarter of 2015. The study observed consumers in the prime or better risk tiers, who make up the large majority of the mortgage-seeking population.