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,...