News flash: Millennials are getting car loans
Auto loans in the first quarter saw the largest growth since the recession, driven by millennials putting another nail in the coffin of the myth that young people arenêt buying cars. Drivers under age 30 saw the largest increase, with 8.5 percent growth from a year ago. Figures are from TransUnion.
In first quarter 2015, auto loan delinquency rates (60 days or more delinquent) remained steady at 0.99 percent, unchanged from a year ago. The delinquency rate dropped 14.6 percent from fourth quarter 2014.
Loans and balances continue to grow, while delinquencies continue to remain in check, said Jason Laky, automotive business leader for TransUnion.Download Bulletin PDF