United States Used Car Loans Market By Vehicle Type (Hatchback, Sedans, SUVs) By Financier (OEM, Banks, NBFCs) By Percentage of Amount Sanctioned (Up to 25%, 25-50%, 51-75%, Above 75%) By Tenure (Less than 3 years, 3-5 years) By Region, Competition Forecast & Opportunities, 2027
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationUnited States Used Car Loans Market By Vehicle Type (Hatchback, Sedans, SUVs) By Financier (OEM, Banks, NBFCs) By Percentage of Amount Sanctioned (Up to 25%, 25-50%, 51-75%, Above 75%) By Tenure (Less than 3 years, 3-5 years) By Region, Competition Forecast & Opportunities, 2027
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United States Car Loan Market was valued at USD 179.29 billion in 2024 and is anticipated to grow USD 226.98 billion by 2030 with a CAGR of 4.07% during forecast period
United States used car loans market are anticipated to show a robust growth in the upcoming five years, 2023-2027. The market growth can be attributed to surge in the demand of used cars by the young adult population along with the financial stability for the new owner even after buying a luxurious car. Moreover, the growing need to own a car or vehicle to qualify for the higher living standards with society along with the rising number of schemes for the loans from the banks and other investment firms is driving the growth of the United States used car loans market in the upcoming five years. Furthermore, feasible and affordable loans by the financing banks, NBFCs, and OEMs that are often found at at lesser interest, provides lower entry prices are some major reasons for the market development thereby supporting the growth of the United States used car loan market in the next five years.
Used car loans are the financial aids and support that financing bodies provide the expectant consumers on certain interest rates. These sanctioned loans are specifically for the used cars, owning to the fact that used cars have lower durability, viability and other related factors that are considered. Prices of the used cars are lower than the original models and therefore often is charged with lesser interest rate comparatively.
The United States used car loans market is segmented by vehicle type, financiers, percentage of amount sanctioned, tenure, competitional landscape, and regional distribution. Based on vehicle type, the market is further bifurcated into hatchback, sedans, and SUVs. Hatchbacks are anticipated to hold the largest revenue shares of the market and assert its dominance over the market in the upcoming five years. The market growth can be attributed to surge in the demand for mid-sized cars. Also, the insurance costs and depreciation costs for hatchback cars are lower, and thus the market segment sees the impressive growth in the next five years. SUVs are also anticipated to hold significant shares of the market segment due to increasing demand of luxurious cars and their affordability as a used car.
Holding the largest shares of the United States used car loans market, a partial list of the major market player includes ICICI Bank, Ally Financial Inc., The Bank of America Corporation, Capital One Financial Corporation, The Ford Motor Company, General Motors Financial Company, Inc., JPMorgan Chase & Co., American Honda Finance Corporation, Pentagon Federal Credit Union, Toyota Motor Credit Corporation, among others. Presence of multiple organized market players has created a tough market scenario for the new market players. Also, automobile manufacturers offer their own financing services, or they have certain tie-ups with the banks, or NBFCs, to offer wider options for the consumers. Though the process of sanctioning the used car loan from the NBFCs is way more feasible for the consumers as compared to the financing solutions from the automobile manufacturers.
Objective of the Study
- To analyze the historical growth of the market size of United States used car loans market from 2017 to 2020.
- To estimate and forecast the market size of United States used car loans market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast United States used car loans market based on vehicle type, financier, percentage of amount sanctioned, tenure, competitional landscape, and regional distribution.
- To identify dominant region or segment in the United States used car loans market.
- To identify drivers and challenges for United States used car loans market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in United States used car loans market.
- To identify and analyze the profile of leading players operating in United States used car loans market.
- To identify key sustainable strategies adopted by market players in United States used car loans market.
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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of banking bodies, financial aid suppliers, and service providers across the country. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the financial aids which could not be identified due to the limitations of secondary research. MIR analyzed the suppliers, distribution channels and presence of all major players across the country.
MIR calculated the market size of United States
Key Target Audience
- Used car loans banking systems, end users, and other stakeholders
- Distributers and suppliers of the services and other stakeholders
- Organizations, forums, and alliances related to used car loans
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as banking systems, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Key Market Players
Ally Financial Inc.
Bank of America Corporation
Toyota Motor Insurance Services, Inc.
Capital One Financial Corporation
Ford Motor Company
General Motors Financial Company, Inc.
JPMorgan Chase & Co.
The Bancorp, Inc.
Wells Fargo & Company
Midland States Bancorp, Inc.
Report Scope
In this report, the United States Car Loan Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
United States Car Loan Market, By Vehicle Type
o New Car
o Used Car
United States Car Loan Market, By Tenure
o Less than 3 Years
o 3-5 Years
o More than 5 Years
United States Car Loan Market, By Provider Type
o Banks
o NBFCs (Non-Banking Financial Companies)
o OEM (Original Equipment Manufacturer)
o Others
United States Car Loan Market, By Region
o South
o West
o Midwest
o Northeast
|
Attribute |
Details |
|
Base Year |
2021 |
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Historical Years |
2017 – 2020 |
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Estimated Year |
2022E |
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Forecast Period |
2023F – 2027F |
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Quantitative Units |
Revenue in USD Million and CAGR for 2017-2021 and 2022E-2027F |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Vehicle Type Financier Percentage of Amount Sanctioned Tenure |
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Region Scope |
South-Region, West-Region, Mid-West Region & Northeast-Region |
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Key Companies Profiled |
ICICI Bank, Ally Financial Inc., The Bank of America Corporation, Capital One Financial Corporation, The Ford Motor Company, General Motors Financial Company, Inc., JPMorgan Chase & Co., American Honda Finance Corporation, Pentagon Federal Credit Union, Toyota Motor Credit Corporation. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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