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Car loans

High prices, interest rates, fading buyer incentives all dent new car purchasing

by Henry Epp
Oct 2, 2024
Several carmakers reported soft sales in the third quarter, and average loan rates for new cars exceeded 7%.
New vehicle prices have gone up considerably since the last time most would-be buyers purchased a new car.
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Loan applications are down, rejections are up. This could be good for taming inflation.

by Stephanie Hughes
Nov 20, 2023
The application rate for any kind of credit dropped to just over 41% this year from nearly 45% in 2022, according to a Fed survey.
Justin Sullivan/Getty Images
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More people are falling behind on debt, but fewer are in collections

by Samantha Fields
Nov 8, 2023
Just before the pandemic, the New York Fed found that about 9% of people had bills that ended up in collections. Now, less than 5% do.
Medical debt previously made up about 60% of debt in collections. But data shows it doesn’t tell you much about someone’s creditworthiness.
Spencer Platt/Getty Images
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A good repo man is hard to find

by Matt Levin
Nov 7, 2023
The repossession industry is struggling with an enduring labor shortage, while 1.5 million car repos are expected this year.
A good chunk of used cars come from repossessions.
Brandon Bell/Getty Images
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Cars: Can't live with 'em, can't live without 'em

by Kai Ryssdal and Livi Burdette
Aug 15, 2023
Affordability has broken down, but the costs of not having your own vehicle are even higher for many. Marin Cogan of Vox explains.
The average new car costs a record $48,000 — up 25% between May 2020 and May 2023. During the same time, used car prices soared 50%.
Scott Olson/Getty Images
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Buying a new or used car is easier now, but getting a loan is becoming harder

by Justin Ho
Apr 24, 2023
Lenders are worried about increasing defaults.
People look to buy a car at a dealership in New Jersey.
Spencer Platt/Getty Images
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Auto-loan market starting to spook lenders

by Adam Allington
May 12, 2017
The state of the auto loan market is causing some concern among analysts. Many are drawing comparisons with the mortgage-lending crisis that figured largely in the financial crash of 2008. At issue is the growing number of riskier, subprime loans. Default rates are going up too.  And lenders are starting to get spooked.  Click the […]
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Rising car loan default rates spell trouble for automakers

by Marielle Segarra
Mar 16, 2017
People who took out subprime loans to buy a car are falling behind on their payments at the highest rate since the financial crisis. That could lead to higher costs for people who want a car loan. It’s also bad news for the automakers.  Click the audio player above to hear the full story.
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Just how healthy is the auto loan industry?

by Annie Baxter
Sep 7, 2016
Experian says borrowers are "very prime," but not everyone agrees.
The delinquency rate on car loans is up slightly but subprime car loans are shrinking. 
MARK RALSTON/AFP/Getty Images
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Are booming auto loans risky for banks?

by Mark Garrison
Mar 3, 2016
We're borrowing more cash than ever to buy cars - and banks are happy. For now.
A woman signs a contract with a sales consultant at a Hyundai dealership.
PAUL J. RICHARDS/AFP/Getty Images
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