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As we look at the market in Q3, there were a number of notable statistics that can help lenders identify trends and inform strategy.
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Despite smaller percentage of financed vehicles, outstanding loan balances grew 2.8% year-over-year to more than $1.2 trillion.
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The average loan amount for a new vehicle jumps $4,000; however, the average monthly payment remains steady.
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The more insight lenders have into the current market, the better positioned they will be to present car shoppers with financing options that meet consumers’ unique circumstances.
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April data sheds light into how the industry was impacted during the early stages of COVID-19.
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Experian analysts say buyers of pre-owned vehicles accounted for 55.15% of all U.S. auto loan originations in the third quarter, a 2.4% year-over-year increase.
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Experian’s Q2 auto finance report consumers continue to uncover ways to manage monthly payments. For a record percentage of prime borrowers, that meant passing on a $32,000-plus new-vehicle loan in favor of a pre-owned unit.
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TransUnion analysts report more consumers in the prime and superprime credit tiers are choosing to buy used as off-lease units continue to flood the market, offering a budget-friendly alternative to increasingly expensive new cars.
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Sagent Lending Technologies announced an enhancement of its identity-management and fraud-detection capabilities credited to a new collaboration with Experian.
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More consumers in the prime and superprime credit tiers opted for used vehicles as concerns around affordability grew in the first quarter, according to the latest report from Experian.
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