Subprime Auto Loans Help Fuel Auto Sales Boom
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iStock/Thinkstock(NEW YORK) — Auto sales are booming, with a strong pick-up in demand for light trucks and SUVs.
“September was another strong month,” said Karl Brauer, senior analyst at Kelley Blue Book. “The market continues to embrace trucks and SUVs at every price point, with premium brands also benefitting from a combination of fresh product and readily-available credit.”
Financing is cheap and much more widely available than right after the 2008 financial crisis, “with a significant extension of subprime lending,” said Mark Strand at AutoTrader.com. “These tailwinds have created an environment in which all the pent up demand we have talked about can be released.”
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