The continued demand for new cars from consumers ready to replace their 10-year old vehicles, on average, has helped auto loans grow to $207 billion, according to Equifax.
That figure is as of year to date through June and is a 13.7% increase over the volume experienced during the same period in 2011, the data in Equifax's latest National Consumer Credit Trends Report showed.
During the first half of the year, sales of new cars and light trucks increased nearly 15%. Consumers are flocking to smaller, more efficient and cheaper vehicles, according Equifax.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
