Equifax has crunched the numbers from the just finished third quarter and discovered that the average consumer has the confidence needed to take out an auto loan.
Though vehicle finance borrowing increased in the third quarter year-over-year, the overall amount of debt that consumers took on during the quarter was down from the same quarter in 2011.
Auto financing debt increased 7.1 percent year-over-year according to Equifax. Houston and its surrounding area had the largest increase out of the largest 25 metro areas in the nation with its 10.3 percent jump. Minneapolis-St. Paul was right being Houston with an increase of 9.9 percent.
Trey Loughran, president of the Personal Solutions unit at Equifax, explaining the significance of these figures, said:
“Generally speaking, consumers are showing discipline and caution about debt coming out of the recession. Even though people are taking on debt to get new automobiles, we also know they are driving their cars longer. We expect the trend of the ‘disciplined consumer’ to continue for some time.”