More Loans Being Used for Used Vehicles, Reports Orange County Based Get My Auto
According to automotive publication Get My Auto, auto loans are increasingly favoring used rather than new vehicles.
IRVINE, Calif., Sept. 13, 2016 /PRNewswire/ -- Buying a new vehicle can sometimes be a strain on the wallet, which is why auto loans exist; those who need a new car can borrow money to help pay for it. Historically, auto loans have mostly been used to purchase brand new vehicles, but that trend may be reversing. More buyers are using their loans for used vehicles according to Orange County based Get My Auto, a leading automotive publication, comments on this trend in a new statement to the press.
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"More and more consumers—even those with excellent credit scores—are turning to the reliability and the affordability of used vehicles," says Get My Auto, in its new press statement. "The question is, what does this say about the state of used car markets—and about the state of new vehicles?"
According to the report, this trend does not reflect positively on new vehicles, which are simply growing too expensive for the average buyer—even the buyer who takes out a loan. Meanwhile, used vehicles are not only affordable but they generally function quite well even after accruing much mileage, making for an overall great value.
"A total of 55.6 percent of auto loans made in this year's second quarter were for previously-owned vehicles, which set a new record for used car loans," says the report—and this extends not just to loans from prime lenders, but even from those with spotless credit histories. Says the report, "In the second quarter of this year, more than 43 percent of auto buyers with high credit purchased a used car with a loan. This is an increase of ten percent from Q2 2015."
According to Get My Auto, the implications of all this are straightforward. "By seeking a used car instead of a brand new one, you can ultimately stretch your loan farther, or simply take out a loan in a smaller amount," Get My Auto says.
"We encourage drivers to check their local used lots to get a feel for just what kind of a value they could be getting," concludes Get My Auto.
Get My Auto of Orange County is an informational website about used vehicles. Its aim is to educate consumers about their pre-owned vehicle choices. Content on the site includes automotive reviews, cost data, and general tips about seeking out and purchasing used vehicles. More information can be found on the Web at www.getmyauto.com. Get My Auto is headquartered in Orange County, California.
Get My Auto
17901 Von Karman, Suite 667
Irvine, CA 92614
949.408.3264
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SOURCE Get My Auto
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