Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) — The “U.S. Used Car Loan Market, By Vehicle Type (Hatchbacks, Sedans, SUVs) By Financier (OEMs, Banks, NBFCs) By Percentage Of Amount sanctioned (up to 25%, 25-50%, 51-75%, above 75%) By mandate, by region, competition forecast and opportunity, 2027″ has been added to the report from ResearchAndMarkets.com offer.
The US Used Car Loan Market is Expected to Grow at a Robust CAGR During the Forecast Period, 2023-2027
Used car prices are lower than new car prices. Used vehicle loans are the financial help and support that lenders offer to potential customers who are willing to invest in used cars at specific interest rates.
Due to the fact that used cars have durability, viability and other associated issues that are considered, these sanctioned loans are only for used cars. The market is driven by the growing demand from used car owners and the changing standard of living of an individual.
The government is extending aid and funding agencies are offering viable and affordable loan programs and plans that are easier to repay and have low interest rates. Also, they use online platforms to expand their reach and capture the highest market share.
The US used car loan market is segmented into vehicle type, financial, sanctioned amount percentage, tenure, competitive landscape and regional breakdown. Based on vehicle type, the market is divided into hatchbacks, hatchbacks, and SUVs. Sedans are expected to capture the highest market share during the forecast period, 2023-2027.
Hatchbacks are affordable and feature improved boot space. They have compact designs, which allows them to easily move around tight spaces. The benefits of having a hatchback generate sales in the country.
Goal of the study:
- To analyze the historical growth in market size of the used auto loan market in the United States from 2017 to 2021
- Estimate and forecast the market size of Used Automobile Loans Market in United States from 2022E to 2027F and growth rate till 2027F
- Classify and forecast the used auto loan market in the United States based on vehicle type, financier, sanctioned amount percentage, seniority, competitive landscape and regional breakdown
- Identify the dominant region or segment in the US used auto loan market
- Identify drivers and challenges in the US used car loan market
- Examine competitive developments such as expansions, new services, mergers and acquisitions, etc., in the used auto loan market in the United States
- Identify and analyze the profile of key players operating in the used car loan market in the United States
- Identify the key sustainable strategies adopted by market players in the United States used car loan market
Company Profiles: Detailed analysis of the major companies present in the used car loan market in the United States.
- ICICI Bank
- Ally Financial Inc.
- The Bank of America Corporation
- Capital One Financial Corporation
- The Ford Motor Company
- General Motors Financial Corporation, Inc.
- JPMorgan Chase & Co
- Honda American Financial Corporation
- Pentagon Federal Credit Union
- Toyota Auto Loan Company
Years considered for this report:
- Historical years: 2017-2020
- Base year: 2021
- Estimated year: 2022E
- Forecast period: 2023F-2027F
US used car loan market, by vehicle type:
US used car loan market, by financier:
US used car loan market, percentage of sanctioned amount:
- Up to 25%
- Above 75%
US used car loan market, by duration:
- Under 3 years old
- 3-5 years
US Used Car Loan Market, By Region:
- South West
For more information about this report visit https://www.researchandmarkets.com/r/kmw91l