F&I data: Auto borrowers like idea of loan payments on Venmo, PayPal

Majorities or near-majorities of consumers with auto loans value alternative payment options for paying debts, calling them "important" or "very important" to have available, according to a March PayNearMe survey of 1,574 consumers, including 928 with auto loans.

Auto borrowers also ranked Venmo and PayPal likely choices for paying their loans, though they were still more likely to rely on the more traditional bank payments and debit cards.

A PayNearMe comparison of Venmo, PayPal and Cash App sentiment among the entire consumer pool — an analysis exclusive to the auto borrowers was unavailable — also found double-digit percentage-point growth between 2021 and 2024 in the proportion of customers who called it important or very important to have those three alternative payment options available.

"Expanding payment types and channels is no longer optional for lenders," PayNearMe CMO Anne Hay said in a statement.