Tuesday, October 02, 2012

Auto financing and consumer credit

Average financing for new cars:

It appears that $28,000 is roughly the effective credit limit in recent years.  Assuming an interest rate of 9.99% and a 72 month loan term the monthly payment works out to roughly $519.00.

Total consumer credit:

Auto financing is clearly a significant component of this metric.

1 comment:

Neil Pennington said...

Can you create another graph for auto loans for bad credit? It is still vague for me for the reason that there are a lot of people doesn’t have enough money to buy a car so they opt to apply for car loan. The problem that I mostly see is that there is a great number of people who have bad credit. I just want to know the graph of that problem but I know it is too complex.