According to the latest automotive finance market report from Experian.com, a credit analysis website, the nonprime, subprime and deep subprime new vehicle loans increased to 27.4 percent in the second quarter of 2013. That’s up from 25.4 percent in the second quarter of 2012. Used vehicle sales in the same sector increased 57.3 percent in 2013 up from 56.4 percent a year ago.
All of this combined showed that 84.5 percent of new and used consumers financed in some way to acquire a vehicle in the second quarter of 2013. This is up two full points over the second quarter of 2012.
Financing and especially subprime financing appear to be growing with a more stable economy and low interest rates.
John Paul Strong
John Paul Strong combines his two decades of automotive marketing experience with a team of more than 140 professionals as owner and CEO of Strong Automotive.