Auto Loans Reach an All-Time High
According to an Equifax report car loans are higher than ever this year.
Their National Consumer Trends Report shows that the total amount of outstanding auto loans equals $902.2 billion, which indicates a 10% increase, compared to 2013.
The amount of new auto loans up to the 31st of April is the highest since 2005 with $163.5 billion. The amount of delinquencies, on the other hand, has dropped, indicating less than 1 percent of that $902 billion.
Subprime lending amounts to 28% of the total loan balance this year.
Find out more at autoblog.com.