United States Used Car Loans Market to Grow with a Double Digit CAGR until 2026
Rising disposable income is
driving the growth of United States Used Car Loans Market, in the forecast
period.
According to TechSci report on, “United States Used Car Loans Market By Vehicle Type
(Hatchback, Sedans, SUVs) By Financier (OEM, Banks, NBFCs) By Percentage of
Amount Sanctioned (Up to 25%, 25-50%, 51-75%, Above 75%) By Tenure (Less than 3
years, 3-5 years) By Region, Competition Forecast & Opportunities, 2026”, United
States used car loans market
has shown promising growth in historical years until 2019 and is expected to
continue its growth in upcoming forecast years 2021 to 2026. United States used
car loans market owes its growth to the factors like surge in the demand of the
used car ownerships. Moreover, the rising disposable income among the young
population and the changing standards of the lifestyle is anticipated to hold
the market growth toward a consistent growth in the upcoming years.
Furthermore, the government is extending aids and financing bodies are coming
up with viable and affordable schemes and loan plans that are easier to repay
and has low interest rates thereby supporting the growth of the United States
used car loans market in the next five years.
Used car loans
are the financial aids and support that financing bodies provide the expectant
consumers on certain interest rates. These sanctioned loans are specifically
for the used cars, owning to the fact that used cars have lower durability,
viability and other related factors that are considered. Prices of the used
cars are lower than the original models and therefore often is charged with
lesser interest rate comparatively.
Browse over XX market data Figures
spread through 70 Pages and an
in-depth TOC on "United States Used Car Loans Market".
The United States used car loans market is
segmented by vehicle type, financiers, percentage of amount sanctioned, tenure,
competitional landscape, and regional distribution. Based on percentage of
amount sanctioned, the market is further segmented into up to 25%, 25-50%,
51-75%, above 75%. For the used cars, the financing bodies often provides loan
based on the age of the car, conditions, and viability of the vehicle, etc.
Keeping these factors in mind, the financing bodies decide the amount of
percentage of the price that can be loaned to a consumer to buy the car. In
most cases, getting up to 25% loans sanctioned for the purchase is quite easy.
Therefore, based on percentage of the amount sanctioned, up to 25% of total
amount is more viable, and is expected to hold the largest market shares in the
upcoming five years. 25-50% range also hold a significant revenue shares of the
market segment. Although, getting a loan paying more than 75% of the total cost
is often impossible or requires very special cases. Although, consumers like
government officials, and families of the martyrs of the country may avail the
privileges.
Based on vehicle type, the market is further
bifurcated into hatchback, sedans, and SUVs. Hatchbacks are anticipated to hold
the largest revenue shares of the market and assert its dominance over the
market in the upcoming five years. The market growth can be attributed to surge
in the demand for mid-sized cars. Also, the insurance costs and depreciation
costs for hatchback cars are lower, and thus the market segment sees the
impressive growth in the next five years. SUVs are also anticipated to hold
significant shares of the market segment due to increasing demand of luxurious
cars and their affordability as a used car.
Holding the largest shares of the United
States used car loans market, a partial list of the major market player
includes ICICI Bank, Ally Financial Inc., The Bank of America Corporation,
Capital One Financial Corporation, The Ford Motor Company, General Motors
Financial Company, Inc., JPMorgan Chase & Co., American Honda Finance
Corporation, Pentagon Federal Credit Union, Toyota Motor Credit Corporation,
among others. Presence of multiple organized market players has created a tough
market scenario for the new market players. Also, automobile manufacturers
offer their own financing services, or they have certain tie-ups with the
banks, or NBFCs, to offer wider options for the consumers. Though the process
of sanctioning the used car loan from the NBFCs is way more feasible for the
consumers as compared to the financing solutions from the automobile
manufacturers.
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“The United States is the most penetrated market in the North American
region. Due to the presence of the high number of the market players in the
country the market players are highly competitive as well as are consistently
involved in the feasible and affordable loan schemes for the consumers. With
the increasing number of cheap interest rates and better schemes with delayed
time for the loan return, the market players are satisfying the consumers with
accessibility of car within their pocket range. New market players can focus on
the better schemes to establish themselves in the market in the upcoming five
years of the future market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“United States Used Car
Loans Market By Vehicle Type (Hatchback, Sedans, SUVs) By Financier (OEM,
Banks, NBFCs) By Percentage of Amount Sanctioned (Up to 25%, 25-50%, 51-75%,
Above 75%) By Tenure (Less than 3 years, 3-5 years) By Region, Competition
Forecast & Opportunities, 2026” has evaluated the future growth potential of United
States Used Car Loans market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in United States Used
Car Loans market.
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