Auto Loans At All Time High
Posted on Nov 4, 2015 in Industry News | Comments Off on Auto Loans At All Time High
The amount borrowed by Americans to pay for vehicle purchases climbed to a record high of $968 billion in the third quarter. Higher vehicle prices and an increase in auto sales, up 5.8 percent from a year ago, have driven increased borrowing. The majority of money borrowed, 61.3 percent, is by drivers with prime or super prime credit ratings. Borrowing by drivers with shaky credit, subprime, or deep subprime credit ratings also increased during the same period.
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