Updated July 3 at 9:03pm

R.I. has second-lowest auto loan balance

Rhode Island had the second-lowest average auto loan balance in the second quarter, according to a TransUnion report that also showed the national auto loan delinquency rate remained relatively flat.

To continue reading this article, please do one of the following.



Sign up to receive Providence Business News' newsletters
and breaking news alerts.  

Transportation

R.I. has second-lowest auto loan balance

Posted:

CHICAGO – Rhode Island had the second-lowest average auto loan balance in the nation in the second quarter, according to a TransUnion report that also showed the national auto loan delinquency rate remained relatively flat.

The average account balance on auto loans in Rhode Island was $11,552 in the second quarter. Only Michigan, at $10,992, had a lower average account balance.

Nationally, the average balance stood at $13,435 in the second quarter, up from $12,875 in the second quarter of 2012.

The national auto loan delinquency rate, or the percentage of accounts 60 days or more past due, remained nearly the same over the year, rising from 0.79 percent in the second quarter of 2012 to 0.8 percent in the same period this year.

Delinquency rate data was not provided for Rhode Island.

“It’s encouraging to see consumers take on more auto debt while delinquencies remain low,” said Peter Turek, vice president of automotive for TransUnion, in a statement. “Consumers clearly are more confident in managing additional debt.”

TransUnion gathers and analyzes data, trends and perspectives on the consumer lending industry.

auto loan, loan delinquency, transunion

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News