U.S. Consumers Turn To Auto Loans At A Record Rate
According to data released on Wednesday, a record number of U.S. consumers are taking out loans to buy cars, especially those purchasing used vehicles. According to data from information provider Experian, in the second quarter, 85 percent of new car purchases and 53.8 percent of used car purchases were financed. That was up 0.5 percentage points and 0.9 percentage points, respectively from the same period in 2013. Additionally, the size of auto loan amounts and monthly payments continued to rise, especially for used cars.
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