More millennials are getting car loans
Every day, it seems, another study belies the myth that young people arenêt buying cars. A new report from the online loan marketplace LendingTree says that millennialsê share of auto loan requests has climbed from 27 percent in early 2013 to about 34 percent in 2016.
LendingTree CEO Doug Lebda attributes the increase to rising employment and lower interest rates and gas prices. Although the share of millennial auto loan requests is relatively lower in densely populated urban areas, the auto market appears to be enticing aging millennials, Lebda said. Auto loans for millennials average $14,825, compared with $17,938 for those age 35 and older.
More than half 54 percent of millennial auto loan requests in the past 12 months were for new vehicles, and 46 percent were for used. The most popular vehicles requested by loan-seeking young people are, in order, the Nissan Altima, Dodge Charger, Honda Accord, Chevrolet Impala and Chevy Tahoe.Download Bulletin PDF