Average credit score drops for both new and used auto loans

April 6, 2012 by josephine.munis

The automotive loan market continued to improve, with lenders showing more willingness to lend outside of prime. In Q4 2011, average credit scores for new and used auto loans dropped when compared with Q4 2010. Additionally, the percentage of loans to customers with nonprime, subprime or deep-subprime credit scores increased.

  • Average credit scores for new vehicle loans dropped six points, from 767 in Q4 2010 to 761 in Q4 2011
  • Average credit scores for used vehicle loans dropped nine points, from 679 in Q4 2010 to 670 in Q4 2011
  • New vehicle loans to nonprime, subprime and deep-subprime customers increased by 13.8 percent from Q4 2010 to Q4 2011

View our recent Webinar on the Q4 2011 state of the automotive market.

Source: Experian Automotive’s quarterly credit trend analysis. Download the quarterly studies and white papers.