Auto Loans Reach an All-Time High

Category: Auto Dealers News
Published: Jul 31, 2014

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.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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