With all this talk of tightening lending rules since the Great Recession, it might come as surprise that new vehicle buyers with weaker credit scores, are now actually finding it easier to obtain credit, at least in the U.S.
According to a report from consumer credit rating agency Experian; buyers whose credit is non-prime or worse; accounted for 22 per cent of all new vehicle sales in the second quarter of this year, up from 18 percent during the same period in 2010.
Banks led the increase by boosting lending to non-prime credit buyers by some 21 percent; automotive captive lenders on the other hand, expanded loans to said buyers by 7.9 per cent.
Auto sales in the U.S. rebounded to some 11.6 million cars and light trucks last year, up from 10.4 million in 2009, which thanks to tighter lending rules saw the lowest volume of new vehicle sales since 1982.
