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Consumer credit scores for buying vehicles dropped to newprerecession levels according to experian by 123wert sdfsf
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Consumer credit scores for buying vehicles dropped to newprerecession levels according to experian by 123WERT SDFSF
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| Article Posted: 12/11/2012 |
| Article Views: 88 |
| Articles Written: 2217 - MORE ARTICLES FROM THIS AUTHOR |
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Consumer credit scores for buying vehicles dropped to newprerecession levels according to experian |
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Business,Business News,Business Opportunities
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Consumer Credit Scores for Buying Vehicles Dropped to NewPrerecession Levels According to Experian Automotive Lower interest rates and increased loan terms create improvedvehicle buying opportunities for consumers SCHAUMBURG, IL -- May 29, 2012 : Experian Automotive today announced that average credit scoresfor consumers buying a vehicle have dropped to near prerecessionlevels. According to its quarterly automotive credit analysis, theaverage credit score for financing a new vehicle dropped six pointsto 760 and dropped four points to 659 for used vehicles.Comparatively, credit scores in Q1 of 2008 were at an average of753 for new vehicles and 653 for used. Lenders also continued to set favorable terms for consumers duringQ1 2012. Interest rates were lower year-over-year and loan termswere longer, giving consumers access to potentially lower monthlypayments. For example, the average interest rates dropped to 4.56percent on new vehicle loans and to 9.02 percent for used.
Theaverage loan terms also increased, extending by one month for newand used vehicles to a total of 64 and 59 months, respectively. "During the first quarter of 2012, car shoppers definitely foundmore favorable conditions for their vehicle loans," said Melinda Zabritski , director of automotive credit for Experian. "A reduction inaverage credit scores, lower interest rates and a lengthening ofloan terms are all very good signs for the market and offer greatopportunities for consumers looking to make a deal on a new or usedvehicle." The analysis also showed an increase in the average amountfinanced. The average amount financed on new vehicles rose by $589 in Q1 2012, reaching a total of $25,995 . For used vehicles, the average amount financed increased by $411 , bringing the average total to $17,050.
"Our report shows automotive lending is as healthy as it's beensince the market bottomed out in 2008," continued Zabritski. "Withconsumers doing a good job of paying back loans on time and thepercentage of dollars at risk reaching its lowest point in sixyears, lenders are able to extend terms and provide lower rates.This thawing of the credit pipeline has been good for everyone,from consumers to lenders to automotive retailers." Some additional highlights from Q1 2012: Vehicle loans to nonprime, subprime and deep-subprime customersincreased by 11.4 percent Auto repossession rates are down by 37.1 percent. Thirty-day delinquencies dropped by 7.6 percent; 60-daydelinquencies dropped by 12.1 percent. Banks and credit unions gained market share.
Banks grew by 7.5percent to 40.21 percent market share, while credit unions grew by10.5 percent to 16.89 percent market share. Complete findings from the State of the Automotive Finance MarketQ1 2012 credit trends analysis will be presented today in a Webinarat 11 a.m. Pacific/ 1 p.m. Central/ 2 p.m. Eastern.
If you would like to attend the event, visit. Experian Automotive's quarterly credit trend analysis featuresmarket reporting data and analysis from its AutoCount. I am an expert from Chemicals, usually analyzes all kind of industries situation, such as olive oil decanters , molybdenum disulfide grease.
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