Millennials driving growth of auto loans
Millennials those born after 1980 make up the fastest growing segment of auto loan consumers, according to TransUnionês latest auto loan report. They represented 27 percent of auto loan originations in 2014, up from 16 percent in 2009.
Millennialsê total outstanding auto balances have increased 23 percent in the past year, the highest of any age group. Average opening loan balances for this age group grew 4.1 percent year over year, up from $17,942 in 2013 to $18,678 in 2014.
The growth in millennialsê auto loan originations dispels the common myth that millennials are not buying cars, said Jason Laky, senior vice president and automotive business leader for TransUnion. The growing average loan balances for millennials, combined with stable delinquency rates, indicate that we are still in the midst of a strong auto lending environment.Download Bulletin PDF