Setting new records isn’t just for racecar drivers. The auto finance industry continues to achieve its own new highs.
According to Experian’s State of the Automotive Finance Market report, the average amount financed for a new vehicle in Q4 2016 was $30,261 — up $710 from Q4 2015 and the highest amount on record. The report also shows that the number of consumers opting for auto loans with longer terms (73 to 84 months) increased from 29% in Q4 2015 to 32.1% in Q4 2016.
These findings underscore the importance of closely monitoring consumer credit trends to stay competitive, meet consumer demands and set your own new records.
Webinar: Latest consumer credit trends>
