Financing becomes more available for nonprime credit tiers

Published: April 7, 2014 by Guest Contributor

Auto financing became easier to obtain in Q4 2013 and the market share for new vehicle loans in the nonprime, subprime and deep-subprime credit tiers increased slightly to 34.1 percent of all new loans, up from 32.8 percent in Q4 2012. While the increase in these tiers is great for lenders, it also gives consumers financing options and access to better rates and terms.

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Experian Automotive report shows auto loans are still first choice in financing, but leasing has become more popular than ever.