Posted by ross |

According to an article from Edmunds.com, auto loans for people with bad credit are on the rise, which is a hopeful sign of things to come.  "Lenders might be relaxing their restrictions because borrowers are being less flaky: Automotive loan delinquencies dropped during the second quarter of this year, marking the second consecutive quarter of year-over-year decreases in quarterly delinquencies."

Here are some other interesting statistics from the article:

• The average credit score for purchasers of a new vehicle fell two points, from 774 in the second quarter of 2009 to 772 in the second quarter of this year. The average credit score for purchasers of a used vehicle rose two points, from 677 in the second quarter of 2009 to 679 in the second quarter of 2010.
• The average amount financed for a new vehicle jumped by $883 to $25,222. The average amount financed for a used vehicle jumped by$1,027 to $16,581.
• The states with the highest average credit scores for consumers applying for new vehicle loans were Minnesota (803), Wisconsin (796), Iowa (795), Nebraska (791) and Montana (789).
• The states with the lowest average credit scores for consumers applying for new vehicle loans were Mississippi (749), Nevada (750), Louisiana (751), Texas (752) and North Carolina (759).

Posted on: 9/6/2010 at 1:09 AM
Categories: Auto Finance | Car Loans | Sub Prime
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