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, 2027

United States used car loans market are anticipated to show a robust growth in the upcoming five years, 2023-2027. The market growth can be attributed to surge in the demand of used cars by the young adult population along with the financial stability for the new owner even after buying a luxurious car. Moreover, the growing need to own a car or vehicle to qualify for the higher living standards with society along with the rising number of schemes for the loans from the banks and other investment firms is driving the growth of the United States used car loans market in the upcoming five years. Furthermore, feasible and affordable loans by the financing banks, NBFCs, and OEMs that are often available at lesser interest, provides lower entry prices are some major reasons for the market development thereby supporting the growth of the United States used car loan 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.

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 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.

Objective of the Study:

• To analyze the historical growth of the market size of United States used car loans market from 2017 to 2020.
• To estimate and forecast the market size of United States used car loans market from 2021 to 2027 and growth rate until 2027. 
• To classify and forecast United States used car loans market based on vehicle type, financier, percentage of amount sanctioned, tenure, competitional landscape, and regional distribution.
• To identify dominant region or segment in the United States used car loans market.
• To identify drivers and challenges for United States used car loans market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in United States used car loans market.
• To identify and analyze the profile of leading players operating in United States used car loans market.
• To identify key sustainable strategies adopted by market players in United States used car loans market.

Download Free Sample Report

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of banking bodies, financial aid suppliers, and service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the financial aids which could not be identified due to the limitations of secondary research. TechSci Research analyzed the suppliers, distribution channels and presence of all major players across the country.

TechSci Research calculated the market size of United States used car loans market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Used car loans banking systems, end users, and other stakeholders
• Distributers and suppliers of the services and other stakeholders
• Organizations, forums, and alliances related to used car loans
• Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as banking systems, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, United States used car loans market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• United States Used Car Loans Market, By Vehicle Type:
• Hatchback
• Sedans
• SUVs
• United States Used Car Loans Market, By Financier:

o   OEM

o   Banks

o   NBFCs

• United States Used Car Loans Market, By Percentage of Amount Sanctioned:

o   Up to 25%

o   25-50%

o   51-75%

o   Above 75%

• United States Used Car Loans Market, By Tenure:
• Less than 3 years
• 3-5 years
• United States Used Car Loans Market, By Region:
• South West
• Mid-West
• North East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in United States used car loans market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Global United States Used Car Loans Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]