logo

FX.co ★ Average auto loan amount in US hits record high

Average auto loan amount in US hits record high

Average auto loan amount in US hits record high

In the fourth quarter of 2016, the average loan amount for a new vehicle in the United States reached a record high of $30,621. According to the latest report from Experian, an average loan amount for a used vehicle also reached record levels, rising to $19,329 in the fourth quarter of 2016 from $18,850 in the fourth quarter of 2015.

The report also showed that the number of auto loans with terms of 73 to 84 months on new vehicles advanced from 29% in the fourth quarter of 2015 to 32.1% in the fourth quarter of 2016.

“With the average loan amount for new and used vehicles hitting all-time highs, we are seeing the need for affordability drive consumer purchasing behavior,” said Melinda Zabritski, Experian’s senior director of automotive finance.

“This upward trend is causing many consumers to find alternative methods like extending loan terms, getting a short-term lease or opting for a used vehicle to get what they want while staying within their monthly budget.”

According to the report, thirty-day delinquencies among US consumers rose from 2.42% to 2.44%, while 60-day delinquencies increased to 0.78% from 0.71%.

Other key findings showed that total open automotive loan balances reached a record high $1.072 trillion from $987 billion in the fourth quarter of 2015.

* এখানে পোস্ট করা মার্কেট বিশ্লেষণ মানে আপনার সচেতনতা বৃদ্ধি করা, কিন্তু একটি ট্রেড করার নির্দেশনা প্রদান করা নয়
Go to the articles list Open trading account