Category Archives: Auto Loans

Auto loans outstanding surpass $1 trillion, delinquencies hold flat; ‘no score’ segment improves

Auto loan balances reached $ 1.008 trillion in the third quarter, an increase of $ 101 billion since the end of the same quarter last year, according to Trans Union.

The credit reporting agency said auto loans delinquent 60 days or more remained flat in the third quarter vs. the year-earlier period at 1.2 percent. Another 5 million consumers opened an auto account since the third quarter of last year, bringing the number of consumers with accounts to about 75 million.

Jason Laky, senior vice president and automotive business leader for Chicago-based TransUnion, said that in addition to the strong auto market, there is increased confidence in the strength of the U.S. economy from consumers and auto lenders. He cited a strong October U.S. jobs report in which the unemployment rate hit a 7.5-year low and average hourly earnings rose 9 cents.

“This reflects the continued growth of not just the auto industry and auto loans but of the U.S. economy as a whole,” Laky told Automotive News.

The auto industry is on pace to set an annual U.S. sales record in 2015 after October’s annualized sales rate came in at 18.23 million. According to General Motors, the six-month rolling average of the SAAR sits at 17.8 million, which would top the all-time high of 17.4 million light vehicles sold in 2000.

The robust auto sales are being driven in large part by high demand for light trucks. U.S. sales of those vehicles topped 8.1 million this year through October, up 12 percent from the first 10 months of last year, according to the Automotive News Data Center. Total U.S. light vehicle sales were 14,508,443 through 10 months this year.

Growth of average balances slows

Laky said in a statement that although consumers are taking on more auto debt, he sees “no cause for concern as delinquencies remain steady” and the growth rate of loan balances slows.
Trans Union said the average loan balance across all auto loan accounts was $ 14,515 in the third quarter, a 2.7 percent rise from the same period in 2014, the slowest growth rate since the fourth quarter of 2011. The average auto loan balance for consumers in the subprime risk category rose 4.2 percent to $ 13,890 in the third quarter, the slowest growth rate since early 2012.

Trans Union reported average auto loan balances one quarter in arrears. In the second quarter of 2015, the average balance on a new auto loan jumped to $ 20,016, an increase of 2.9 percent, or $ 567, from the second quarter of 2014. New subprime auto loan balances rose 3.7 percent to $ 17,357 in the second quarter, the slowest pace since 2012.

Even as balances rise, consumers are taking charge of their loans, Laky said. “More consumers have access to auto loans, yet delinquencies remain low as they continue to responsibly manage their payments,” he said in the statement.

Subprime auto loan balances account for $ 154 billion, or about 15 percent, of the $ 1 trillion in total loans outstanding. Consumers in the “prime or better risk” tiers represent $ 670 billion of the total balance. Trans Union defines subprime loans as those to consumers with credit scores below 601 and “prime or better risk” loans as those to consumers with scores higher than 661.

Originations hit all-time high

New auto loan originations, which Trans Union also reported one quarter in arrears, reached 7.3 million in the second quarter of 2015, exceeding 7 million for the first time, Trans Union said.
Young people are financing at a “healthy pace,” Trans Union said. The number of consumers under age 30 with an auto loan or lease grew 9.6 percent in the third quarter from a year earlier to 11.7 million, according to Trans Union.

“It’s a sign that even in this sharing economy, young people see the importance of having a car,” Laky said.

Meanwhile, older consumers also are playing a part in healthy loan growth, Laky said. Nearly 16 million consumers age 60 and older have open auto loans or leases as of the third quarter, an increase of 500,000 people from the second quarter of this year.

Laky said older drivers are ideal customers for lenders because they can feel confident loans will be repaid. Consumers 60 and older had the lowest delinquency rate among any age group at 0.56 percent in the third quarter, according to Trans Union.

‘No score’ segment improves

Meanwhile, Equifax said today that auto lenders are making sure that customers with no credit score have the financial ability to pay their auto loans by using alternative data and by verifying income and job tenure using employment data services rather than relying just on consumer-provided pay stubs.
The credit bureau said auto originations to consumers in the “no score” segment of the credit spectrum are performing better than they have in the past. The median write-off rates for “no score” originations from 2012-14 are 22.8 percent lower than they were from 2007-09, Equifax said.

“Alternative data, verified income and other new tools to evaluate this very fast growing ‘no-score’ segment have enabled rich margins and good loan performance,” Lou Loquasto, Equifax’s auto finance leader, said in a statement.

Data differs

Earlier this month, Experian Automotive reported auto loan balances outstanding reached $ 968 billion in the third quarter, a high since Experian started tracking the numbers in 2006 and up 11 percent from the third quarter of last year. Sixty-day delinquencies dipped slightly in the 2015 quarter to 0.73 percent, from 0.74 percent a year earlier. Data differs among the credit bureaus in part because of different analysis mechanisms and varied access to lender data, the companies say.

Source: http://www.autonews.com/article/20151118/FINANCE_AND_INSURANCE/311189992/auto-loans-outstanding-surpass-$ 1-trillion-delinquencies-hold-flat;

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Auto Loans – The Reasons to Have One and the Places to Get One

Personal automobiles such as cars, bikes etc. are the segment that generate the maximum revenue for the automobile industry. This segment has seen exponential growth in the past one decade as personal vehicles are no longer considered the domain of only the upper strata of society.

Personal vehicles are a necessity nowadays and with big companies competing with each other to introduce the most efficient and trendy vehicles in the market, the common man is spoilt for choices.

In spite of the flexibility shown by the auto loan lenders, several borrowers find the whole process pretty taxing. In order to make the whole process of auto loan approval easier and customer friendly, the providers have launched a method called instant auto loan approval. This process takes all the difficulties away and makes it easier for people to find out the best-suited auto loans for themselves. Some of the common requirements of people wanting to avail auto loans are:

– A large number of people avail auto loans for their domestic use vehicles that can be used for their day-to-day commuting.

– Surprisingly, a great multitude of people who opt for auto loans belong to the upper class segment. They avail these loans just to buy new flashy cars and trucks for themselves, to keep them in sync with times. This new trend is the primary reason behind the surge in auto loan segment in recent times.

– A major share of auto loan segment belongs to transport companies who wish to avail easy credit terms for their purchase of business assets. They usually opt for auto loans either at the time of starting the business or to further expand their operations. Quite obviously, no business likes to dig into their own finances and auto loans are the best way out at the time of expansion.

People desiring to avail auto loans can either approach the offline lending institutions or can head online to get the best deals. However, the online method is gaining gradual popularity due to the following reasons:

– The instant approval auto loans are available with both secured and unsecured options, thus making it widely acceptable by all.

– The online auto loans portals are a great boon for people who are good at negotiation skills. If approached tactically, one can easily get very low interest rates and low EMIs on any loan amount one desires.

– This method provides the fastest way of loan approval

– Some online auto loan providers also provide qualified assistance from seasoned professionals via phone, chat or e-mail method. They can be an excellent source of expert advise related to auto loan procedures and can help you find the best offer suiting your requirements.

– Some online auto loan companies have credit facilities also available for people with bad credit ratings. Even they can avail of certain instant approval auto loans, however, at a slightly higher interest rate.

– The online loan approval method helps the borrowers to get all details regarding new and used cars in a matter of few clicks.

So if you have been waiting for that perfect auto loan provider who can make your dream car dreams come true, head online and start scouting now. It may be just a few clicks away!

Mark Robinson writes for auto-loans.guidefin.com. Visit his website for information about auto loans.

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Auto Loans: Find Your Perfect Match at Delta Community Credit Union

Delta Community Credit Union offers great new auto loan rates as low a 1.75% APR. We also provide loans on used cars, watercrafts, RVs, aircraft, snow mobiles, pop-up campers, some tractors, motorcycles, and travel trailers. Find your perfect match today at Delta Community. https://www.deltacommunitycu.com/Personal/Home-Loans/Vehicle-Loans/Car-Loans.aspx
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Private Party Auto Loans – Options for People with Bad Credit

auto loans
by Internet Archive Book Images A poor credit can have the most harmful result on your funds as well as your capability to lead a tension complimentary life. There are few alternatives available for people with negative debt but several loan providers as well as banks concentrating on giving loans to individuals with bad credit have turned up in current times. Now if you intend to acquire an auto you have actually been looking at for long, the very first thought that will cross your mind is how you can pay for the automobile. Even though it is a pre-owned automobile and the rate will be absolutely less costly compared to that of a brand-new cars and truck, yet thoughts concerning funding the cars and truck makes one agitated. It is noticeable that the person has to make use of personal event automobile finances yet the main blockade is his negative credit report ranking. Whenever a specific with negative credit rating is faced with the problem of protecting vehicle loans for new automobile or exclusive celebration auto fundings or one person to another automobile finances he ought to do a thorough research study and also know that there are several lenders who supply exclusive party automobile lendings for poor debt. These loan providers supply exclusive event auto loans for poor credit report and so their conditions are likewise offered keeping that truth in mind. With the aid of personal vendor auto finances you can soon show off the car you have always desired. However, nothing comes easy as well as one has to function hard to get it. Very same holds true with personal seller automobile loans There are numerous attributes of automobile car loans from exclusive celebration. An automobile funding from private party means that the person taking the car loan understands the vendor as well as they have some kind of personal partnership with each other. When the seller of

the vehicle offers a rate on the automobile finance, the buyer needs to understand that the term period of the lending can add to 5 years as well as you could or might not be required to pay a deposit. The rates of interest charged on a private event automobile funding is generally affordable as well as not very high yet considering that the loan is been given to a private with negative credit hence, the interest charged on the personal celebration car loan bad credit score can be greater. One of the benefits of availing person to individual auto fundings is that financing is available for that type of loan and individuals with bad credit score need not bother with exactly how to get the exclusive celebration vehicle financing. An excellent credit history constantly helps in safeguarding the most effective rates even on the personal seller car fundings however any individual with a poor credit history must likewise obtain a great bargain from the car financing gettinged from the private celebration. Taking a personal party car loan makes it simpler for a specific to look into the service background of the private seller as well as comprehend the details of the car to be acquired on an individual degree. The owner of the automobile will not lie about the background of the automobile and also will inform

you the reality concerning the auto prior to marketing it to you. Thus, possibilities of being ripped off on the automobile are minimized when securing a personal vendor vehicle loan. A private event car loan poor credit likewise enables the purchaser to discuss better terms and conditions as compared to obtaining auto financings from a dealership. This is because the owner desires to hand out the car asap and would be open to arrangements. Author is regular writer on AutoLoanFinance.net; a United States based site that offers thorough info on exclusive event automobile finances as well as ways to obtain< a rel ="nofollow "href =" http://www.autoloanfinance.net/"> automobile fundings online if

you have actually negative credit scores or no credit score ratings.

Securitized Auto Loans ‘going to explode’

Banks are feeling good enough to let those with bad credit, borrow again. The same practices that got us into a financial crisis are making their return. According to the New York Times, Capital One and GM Financial are some of the companies that are trying to woo troubled borrowers. HSBC and JP Morgan Chase are meanwhile reportedly tiptoeing back into subprime lending. Richard Eskow with Campaign For America’s Future weighs in.

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Washington auto loans

Auto loans can be obtained from numerous finance companies, loan providers and financial companies in market.As a result, many of us available can now buy an automobile or vehicle, that was difficult earlier considering lack or funds or sources.Several online along with offline suppliers have actually plunged in to the car finance market.It is vital that most factors which go into car loan dedication be very carefully considered before renovating any price.

The credit rating or past credit score associated with applicant is a deciding aspect in identifying the kind of car finance readily available.This is basically because candidates with dismal credit rating are seen as a substantial danger by many car finance vendors, financial institutions and dealers.As an end result, these types of folks do not have easy access to suitable automotive loans.Bad credit automobile financing might be offered by a number of loan providers for these types of people.However, it needs to be remembered always that bad credit automotive loans incorporate extremely high interest rates, at some point twice or even more in comparison with typical automotive loans.therefore it is crucial that previous debts be repaid punctually to maintain a good credit score and avail easy access to auto loans as and when required.

Many dealers can be found available in the market within the regions close to Washington and Seattle, than help get quick access to applicants for Washington auto loans.It is perhaps all the greater amount of simpler to repay Washington automobile financing because auto loan rates have reached an all time lower in Washington.Also the APR or rate of interest on Washington automobile financing can’t be above 25per cent per condition regulations.Also the lending company must reveal the entire repayment quantity including interest.

The internet is the better spot to look for these types of automobile financing.Online auto loans are typical the greater amount of simple to get due to the large number of internet sites on the web which are focused on providing auto loans.A few ticks may help figure out the candidate EMI for a particular car finance plan for confirmed interest rate, with the help of on line calculators.Thus, with multiple possibilities for auto loans, a job candidate can search through all available alternatives to hit top offer with regards to EMI, interest levels and payment choices.

With on line automobile financing, a job candidate is conserved through the hassle of visiting an auto loan workplace and coping with salesmen to choose upon possible discounts.In fact, an applicant can apply for online automobile financing sitting without leaving his office or home.

Hunting for online automobile financing? Visit us at http://www.autoloansspot.com and get the car loan you’ll need, good or bad credit, brand-new or car.

Discover Even More Automobile Financial Loans Articles

REALIST NEWS – Subprime Auto Loans Crushed Worse than in 2009

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Sub-Prime Auto Financing: How Dealers Use Credit to Scam Customers

Sub-Prime Auto Financing: How Dealers Use Credit to Scam Customers

Learn how today’s shady car dealers take advantage of customers with low credit scores. Find out additional car buying facts at http://www.earlstewartoncars.com and follow Earl’s tweets http://www.twitter.com/EarlonCars.

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Auto loans – How Do Auto Loans work – bad credit auto loans tips

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Why Get Pre-Approved? Car Loans Winnipeg | Auto Finance Manitoba

Take the first step in purchasing your next vehicle by getting pre-approved today! Learn why you want to get pre-approved first, and what steps you need to take to start your car buying process.

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This video is about understanding how typical auto loans are structured. I didn’t understand this when I got my first car… and I really wish I did. Watch. Understand. Comment…

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