Are you considering taking out an auto loan? If so, you’re not alone. According to recent statistics, auto loans are on the rise. In this blog post, we’ll explore the latest auto loan statistics and discuss the implications for potential borrowers.
We’ll also look at some of the key factors that can affect your ability to get an auto loan. By the end of this post, you’ll have a better understanding of the auto loan landscape and be better equipped to make an informed decision.
Auto Loans: The Most Important Statistics
Most Poles plan to finance the purchase of an electric vehicle with external financing, while only 23% intend to pay cash.
Medium-sized businesses in France prefer short leasing with the opportunity to purchase vehicles, with 35% in 2020.
Auto Loan Statistics Overview
Interest rates for auto loans in the US have increased over the past few years, reaching 6% by the end of November 2022.
This shows the trend of increasing interest rates for auto loans in the US, which can affect the cost of financing a new car and the number of people who are able to afford a car loan. The increase in interest rates can also affect the number of people who are able to finance a car, as higher interest rates can make it more difficult to afford a loan.
In 2022, the typical loan term for new vehicle loans at American finance companies was over 66 months, with the second quarter of 2020 marking the peak of these numbers at 71 months.
Knowing the average loan term can help lenders and borrowers plan for the long-term financial commitment of an auto loan. Additionally, this statistic can help lenders and borrowers understand the differences in loan terms for new and used vehicles.
Influence of Age in Auto Loans
In 2022, the majority of auto loans were split equally across all age groups, with the most loans taken out by those in their 30s and 40s, and the least by those 70 years or older.
Age is a factor in the amount of loans taken out, with younger people taking out more loans than older people.
Americans aged 18-29 had the highest percentage of auto loans in serious delinquency in 2022. Younger Americans are therefore more likely to have difficulty paying back their auto loans.
This could indicate that younger Americans are more likely to be in financial difficulty, or that they are more likely to take out loans they cannot afford. Either way, this statistic is important for understanding the auto loan market and how it affects different age groups.
The Financial Site of Auto Loans
Most Poles plan to finance the purchase of an electric vehicle with external financing, while only 23% intend to pay cash.
The majority of Poles are likely to take out loans to purchase electric vehicles, which will likely increase the demand for auto loans in Poland.
The Porsche Taycan had the highest average loan payment for electric vehicles in the United States in the fourth quarter of 2021, followed by the Audi e-tron GT.
This shows the relative cost of electric vehicles compared to other vehicles. It also presents the popularity of certain electric vehicles, with the Tesla Model Y being the best-selling electric vehicle in 2021.
Auto Loans for Businesses
Long-term leasing is the most popular form of financing for businesses in France, with 39% of businesses polled using it, higher than the European average of 29%.
Businesses in France are more likely to use long-term leasing as a form of financing than businesses in other European countries, which could have an impact on the auto loan market in France.
Medium-sized businesses in France prefer short leasing with the opportunity to purchase vehicles, with 35% in 2020.
The average sum borrowed to finance used cars in the United States has increased by nearly 9,000 dollars between 2015 and 2022, with the first quarter of 2022 averaging 27,945 dollars.
It shows the increasing trend of people borrowing money to finance used cars, which can be used to inform future decisions and policies related to auto loans.
The average monthly payment for a super prime car lease in the US was 505 dollars in the first quarter of 2022, a significant increase from the previous year.
This displays that the supply of automobiles is meeting the demand, and that the cost of leasing a vehicle is increasing.
Conclusion
In conclusion, auto loan statistics can be a great tool for understanding the current state of the auto loan industry. By understanding the trends, lenders can make informed decisions about their loan offerings and borrowers can make informed decisions about their loan options.
Auto loan statistics can also be used to identify potential areas of improvement in the industry. By understanding the trends, lenders can work to improve their loan offerings and borrowers can work to find the best loan options for their needs.
References
1 – https://www.statista.com/statistics/290673/auto-loan-rates-usa/
2 – https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
3 – https://www.statista.com/statistics/1342021/auto-loan-originations-usa-by-risk-score/
4 – https://www.statista.com/statistics/1342026/car-loans-transitioning-into-90-delinquency-in-the-us-by-age/
5 – https://www.statista.com/statistics/1337697/poland-ways-to-cover-the-cost-of-buying-an-electric-car/
6 – https://www.statista.com/statistics/1314181/us-average-loan-payment-on-selected-ev-models/
7 – https://www.statista.com/statistics/1227741/financing-methods-corporate-vehicles-big-companies-france/
8 – https://www.statista.com/statistics/1239300/financing-methods-corporate-vehicles-medium-companies-france/
9 – https://www.statista.com/statistics/453327/average-used-automobile-financing-amount-usa/
10 – https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/
