Car credit: 420 cars are sold every hour thanks to a loan – Car Loans

The latest consumer credit indicators are rather positive. Despite a slight decline in growth, the level of activity remains high, according to the Across Lender in its latest analysis.

For its part, the Demo Lender Bank (DLB) takes stock of the financing of household projects. And with regard to loans dedicated to the purchase of a car, every hour the banking establishments finance the acquisition of 420 cars … or 10,000 in one day.

Credits to individuals: $ 1,128 billion in assets at the end of June

Credits to individuals: $ 1,128 billion in assets at the end of June

More than 1,000 billion USD in loans have been granted (including home loans) since 2014. To date, the total outstanding amounted to even 1,128 billion USD (at the end of June 2017), according to the last note of the Lite lender.

“Since the beginning of 2017, banks have granted nearly 35 billion USD in new loans each month,” said the DLB. Proof that household projects benefit from current financing conditions. The consumer credit activity also saw an annual growth rate of + 5.1% at the end of June. A significant decline compared to May (5.7%) but activity still strong.

Of the total outstanding, consumer loans represent 164 billion USD. An amount well below home loans, for the simple reason that the maximum amount of a consumer loan is 75,000 USD .

4.9 billion USD in consumer credit in June

4.9 billion USD in consumer credit in June

Consumer credit production amounted to 4.9 billion USD in June 2017 alone. An amount slightly lower than in May (5.1 billion USD). As for consumer loan rates (which also concern car loans), we observe a drop in the average rate from 4.11% in January to 3.83% in June.

Nevertheless, comparing auto loan rates is an essential step if you have this type of consumer project in mind. Indeed, the consumption rates vary according to the type of project and the amount to be financed. To find out everything about car credit, find our pages to find out the duration of a car loan or the amount of the car loan.

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