TransUnion: One-Third of Approved Auto Loans Are Subprime

With almost a third of all auto loans going to subprime buyers, it has never been easier to get an auto loan.

Figures from Experian and TransUnion, two of the 3 big credit bureaus, show that more people are getting approved for auto loans, and 32 percent of those auto loans are going to subprime borrowers. All these approvals for subprime borrowers have surprisingly not had an effect on the number of buyers who are delinquent 60 days or more on their payments. If anything, the rate has actually gone down from .94 percent in 2009 to .74 percent in 2012.

Industry insiders are attributing the low rate of delinquencies to consumers making their auto payments a higher priority. For many of these subprime borrowers, this is more than just buying a car. This is also a chance to rebuild their credit history and improve their credit score.

At Approved Loan Store, we work with customers every day who have a wide variety of credit standings. Some have stellar credit while others never established a credit history or they are struggling with subprime credit. We work with them to get a great car at terms they can afford, and we can do the same for you too!

Are you ready to get into a new or used car today? Get started by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles /