A wider range of car buyers in America were able to take out loans and finance their purchase, with many buyers stretching out their payments, according to a new report from Experian Automotive.
In the third quarter of this year, the average credit score continued to drop as automakers and banks wrote more loans for those with subprime credit scores. While more people with less-than-stellar credit took out auto loans in the third quarter, the number of delinquent loans and auto repossessions fell once again.
"Based on the numbers, the auto finance market is the strongest we've seen in years," said Melinda Zabritski, Director of Automotive Credit for Experian.
The report is a snapshot of the 4.5 million auto loans written in America during the third quarter. (Read More: Sticker Shock: New Car Prices Are Going Up.)