Short supplies of new vehicles drove a dip in consumer loyalty of over 3 percentage points, according to Experian.
Overall, the data shows encouraging signs for the automotive finance market.
Inventory shortages continue to push average loan amounts and monthly payments for used vehicles higher.
New Experian services support employers, human resources, corporate tax and payroll professionals while improving experiences for consumers and lenders.
Overall, the automotive finance market has remained resilient, despite the pandemic. Staying close to the data will help lenders ensure they have the right options available to fit consumers’ needs and budgets.
Incorporating vehicle history reports into the lending decisions can help uncover hidden issues with the vehicle and adjust loan terms accordingly.
As we look at the market in Q3, there were a number of notable statistics that can help lenders identify trends and inform strategy.
Despite smaller percentage of financed vehicles, outstanding loan balances grew 2.8% year-over-year to more than $1.2 trillion.
The average loan amount for a new vehicle jumps $4,000; however, the average monthly payment remains steady.
The more insight lenders have into the current market, the better positioned they will be to present car shoppers with financing options that meet consumers’ unique circumstances.
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