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US Auto Loan Balance Rises to $1.13 Trillion

Whether U.S. consumers are purchasing a new car or a used model, the odds are very high that an auto loan is involved. Some 85.1% of all new car buyers and 53.8% of used car buyers financed vehicle purchases in the fourth quarter of this year.

The total U.S. open automobile loan balance for the fourth quarter of 2017 was $ 1.13 trillion, up from $ 1.07 trillion in the fourth quarter of 2016 and up from $ 987 billion in the fourth quarter of 2015. The total is 5.3% higher compared with the total in the fourth quarter of 2016. Banks hold 32.6% of the outstanding balance while dealer captive finance holds 27.7%, credit unions hold 22.9% and finance companies hold 16.7%.

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