Subprime Vehicle Financing at a Seven-Year High
SubPrime Auto Finance News recently published an article regarding the surge in subprime vehicle financing. In fact, the numbers for March 2014 came in at $13.1 billion, higher than any single month for the past seven years. But while the total dollar amount is at historic highs, the average amount per subprime loan came in at a little more than $17,000 – higher than the low point of around $14,500 set in March 2010, but still lower than the high point established in 2007 of around $19,000.
SubPrime Auto Finance News caught up with Lou Loquasto, auto finance leader at Equifax, to get his thoughts on why the total subprime numbers are breaking records, and what his opinion is regarding the reason the average subprime loan amount remains lower than the high in 2007.
Read the article, “March Subprime Vehicle Loans Total $13.1B” to see what Loquasto has to say, and follow our automotive blog for more industry insights.
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