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Saturday 19 August 2017
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More Americans Paying their Car Loans on Time – Car Pro News

More Americans Paying their Car Loans on Time – Car Pro News

Not only are car loans easier to get these days, more car owners are paying their auto loans back on time. This is one of the reasons finance institutions are making more loans.
The rate of late payments for auto loans fell nationally in the first three months of the year to the lowest level in more than a decade, the Associated Press reports.
What’s more, the improved record comes despite lenders having written more loans to high-risk borrowers.
In the first quarter, the rate of U.S. auto loan payments at least 60 days overdue declined to 0.36%, a 27% reduction from the same period last year, according to credit reporting agency TransUnion.
TransUnion says the rate is the lowest since it started tracking auto loan data in 1999. The highest rate recorded by the company was 2.39% in the first quarter of 2000.
The AP says the auto loan delinquency rate has fallen on an annual basis for 10 consecutive quarters. One big reason was that after the recession, many borrowers made paying off car loans a top priority.




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