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Experian recently reported that loans in the non prime, subprime and deep subprime risk tiers accounted for more than 25 percent of all new auto loans during the second quarter of 2012. They also announced that loans to customers with bad credit was up 14 percent during the second quarter on a year-over-year comparison.
Melinda Zabritski, director of automotive credit for Experian Automotive said that although there was increase in subprime loans, there is still a strong sense of managing risk. The amount of lending can provide a customer a car with bad credit, allowing manufacturers and dealers to sell more cars.
Car financing throughout 2012 have led customers to Toyota and Ford dealers, and each is claiming that one of their models is the best selling car this year.
Ford has sold 489,616 units of the Focus while Toyota has sold 462,817 units of the Corolla. The automaker argues that its Corolla body style is seen in different names and the sales of these units are not included in Corolla sales numbers. The race is too close to call as of now.
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