A new survey by RateWatch, a banking data and analytics service owned by TheStreet, showed how many consumers are still unaware there are possible opportunities to refinance their vehicle purchase to a lower interest rate than the one set in the initial contract.

Survey orchestrators found that many consumers overlook or are not interested in refinancing their auto loans. Some of the specific results included:

— 27 percent of respondents did not know that refinancing their auto loan was an option.

— 59 percent of respondents knew that refinancing was an option but chose not to refinance.

— Participants ages 30 to 44 were most likely to be aware of auto refinancing options, but only 20 percent had taken advantage of them.

Survey results also showed borrowers who have owned their vehicle for five or more years were most likely to have known refinancing was an option and follow through with a refinance.

But more than half of those who have owned their vehicles for less than five years were not aware refinancing was an option.

“Auto-loan refinancing tends to be somewhat uncommon and it’s unfortunate since consumers can save thousands of dollars in the course of paying off their loan,” said Ross Kenneth Urken, personal finance editor for TheStreet. “It’s a technique more consumers need to recognize as beneficial to their finances.”

The survey also revealed that consumers are paying off their loans with varying interest rates:

— Customers who have owned their vehicle for two through less than five years are most likely to have an interest rate of 2 percent to less than 3 percent.

— The percentage of respondents paying an interest rate between 1 percent and 2 percent is the same as the percentage of respondents paying an interest rate of 8 percent or greater, demonstrating the large range of available rates.

Orchestrators explained this survey aimed to understand the behaviors and preferences of consumers regarding their current loans and future loan plans. Survey responses were obtained through a third party service with questions distributed March 28 to March 30, 2014 to consumers ages 18 and older throughout the United States.

The firm obtained 608 total unique responses with 527 having completed the full survey.