Loading...

Consumers take advantage of lower auto interest rates to take out larger loans

Published: December 15, 2013 by admin

According to Experian’s latest State of the Automotive Finance Market report, interest rates for new auto loans dropped to 4.27 percent — the lowest rate on record. In addition to increasing new vehicle sales, the historically low interest rates helped consumers finance a larger balance, with the average new vehicle loan coming in at $26,719 for Q3 2013 — the highest average amount financed since 2008.

Sign up to access our quarterly analysis of the latest automotive finance trends

Source: Experian Automotive: Interest rates for auto loans hit all-time low, while average amount financed reaches highest point since 2008

Related Posts

Assessing the Market: Throw Out the Crystal Ball a...

Last year is a testament to how quickly trends can shift, and entire industries can be turned upside...

Published: February 8, 2021 by Amy Hughes

Read More

How Consumer Preferences Continue to Shift the Aut...

Small SUVs became the most financed vehicle segment in Q3 2020, making up 26.01% of all financed vehicles during...

Published: January 11, 2021 by Melinda Zabritski

Read More

What Reduced Leasing Might Mean for the Auto Indus...

According to Experian’s Q3 2020 State of the Automotive Finance Market report, 26.20% of all new vehicles are leased...

Published: December 17, 2020 by Melinda Zabritski

Read More

My Search

Subscription title for insights blog

Description for the insights blog here

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Categories title

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

Subscription title 2

Description here
Subscribe Now

Text legacy

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source.

recent post

Learn More Image

Tags

alternative credit data alternative data analytics auto auto loans automotive Automotive Finance Market analysis bankcard CFPB collections consumer behavior consumer credit consumer credit trends covid covid-19 credit attributes credit risk credit score credit scores credit scoring credit trends customer experience data Data Breach Decisioning digital technology Experian Experian Automotive financial services fintech first party fraud fraud fraud prevention identity theft IntelliView KBA machine learning market trends regulatory regulatory compliance synthetic ID synthetic identity synthetic identity fraud technology VantageScore