DUBLIN, Aug. 5, 2022 /PRNewswire/ — The “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, By Region, Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
The United States used car loans market is expected to grow at a robust CAGR in the forecast period, 2023-2027
Used car prices are lower than those of new automobile prices. Used vehicle loans are the financial assistance and support that lending organizations offer to prospective customers who are willing to invest in used cars at specific interest rates.
Due to the fact that used cars have reduced durability, viability, and other associated issues that are taken into account, these sanctioned loans are only for used cars. The market is driven by the growing demand for used car ownerships and the changing living standards of an individual.
The government is extending aid, and financing bodies are coming up with viable and affordable schemes and loan plans that are easier to repay and have low-interest rates. Also, they are making use of online platforms to expand their reach and capture the highest market share.
The United States used car loans market is segmented into vehicle type, financier, percentage of amount sanctioned, tenure, competitive landscape, and regional distribution. Based on vehicle type, the market is divided into hatchbacks, sedans, and SUVs. Hatchbacks are anticipated to capture the highest market share in the forecast period, 2023-2027.
Hatchbacks are affordable and have an enhanced boot space. They have compact designs, allowing them to move through narrow spaces easily. The advantages of having a hatchback car drive sales in the country.
Objective of the Study:
- To analyze the historical growth in the market size of United States used car loans market from 2017 to 2021
- To estimate and forecast the market size of United States used car loans market from 2022E to 2027F and growth rate until 2027F
- 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 services, 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
Company Profiles: Detailed analysis of the major companies present in United States used car loans market.
- 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
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022E
- Forecast Period: 2023F-2027F
United States Used Car Loans Market, By Vehicle Type:
United States Used Car Loans Market, By Financier:
United States Used Car Loans Market, By Percentage of Amount Sanctioned:
- Up to 25%
- Above 75%
United States Used Car Loans Market, By Tenure:
- Less than 3 years
- 3-5 years
United States Used Car Loans Market, By Region:
- South West
- North East
For more information about this report visit https://www.researchandmarkets.com/r/22y1lq
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SOURCE Research and Markets