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Main » 2015 » December » 7 » United States - Excitement around the auto loan
10:46
United States - Excitement around the auto loan
 
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In the automotive market in the US there is a real buzz. The remarkable fact - Americans are increasingly turning to the bank for car loans, buying old and new cars - on materials AMarkets.

 

AMarkets

 

Share purchases in duty new and used cars increased in the third quarter to a level of 86.6% and 55.3%, respectively.

The graph clearly visible dynamics: 

 

Recall that in June this year, auto sales in the US rose to a 10-year high in terms of cars purchased on credit.Most interesting is that credit conditions - not the softest. At the same time the Americans did not show concern on the topic of tight credit conditions and its future ability to repay loans. According zerohedge, such carelessness had happened in the segment for ten years.

But other interesting characteristics:
* The average term of car loans for new cars today is 67 months. This record 
* The average term of the credit for a used car - 62 months. This is also a record. 
* Loans for a period of 74-84 months account for 30% of all credit sales. And this record. 
* The average loan amount is now $ 28,711. Monthly payment on the average - $ 488. Also a record. 
Experts see this trend the same symptoms that occurred in the final stage of blowing up a bubble in the housing market of America in 2008.

 

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