Midway through 2014, auto loan balances soared to $902.2 billion, setting a national record.
According to Equifax's National Consumer Credit Trends Report, that figure is a record high with a total of more than 64 million auto loans outstanding as of April.
"Auto lending continues to thrive, accounting for more than fifty percent of all new non-mortgage lending through April of 2014," said Dennis Carlson, deputy chief economist at Equifax.
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