Have you considered a career in auto finance? More and more Americans are actively seeking affordable options for their busy lifestyles, making the auto dealer leads an industry to keep an eye out on. Used car leads are an ideal compromise between quality and affordability, giving people the ability to find the car they need in an increasingly crowded and competitive marketplace.
How Often Do Americans Buy Cars?
The United States is known for being an avid car culture. It’s estimated there are over 215 million cars on the road at any given point and time, with a significant portion being used vehicles over the age of three. The benefit of special finance auto leads is working with bankers and buyers both, all the better to provide ideal purchasing solutions to all parties involved.
Are New Cars Or Used Cars More Popular?
The market for used cars has been rapidly expanding for a few major reasons. One of the most common is that of pricing — the average used car search remains at $5,000 or so, widely considered affordable by Americans of varying budgets. This doesn’t mean new cars have fallen entirely out of favor, however, and many still find themselves returning to brands with long, reliable histories.
How Are Auto Financing Rates?
To go into special finance auto leads you need to be aware of auto financing rates. Auto financing interest generally creates $98 billion in revenue every year, with subprime financing interest generating $10 billion at roughly the same rate. The average duration of a new-car loan rose to a stunning 66 months, as well as 62 months for used, as of recent years — lenders, as a result, have begun to write five-year and six-year loans in order to help buyers afford the monthly costs on their vehicles.
What About Debt?
A common issue the auto lead generation faces is that of loans and debt. The average borrower has been found to have nearly $18,000 in auto-related debt — only 36% of people purchase a car outright. Another 43% of people are financing their vehicle, with these percentages fluctuating depending on whether or not the car is used as well as the person’s individual credit score and history.
What About Credit?
One of the best ways of determining the validity of a new buyer is analyzing their credit score. Buyers with credit scores of 500 to 600 are considered subprime, while those with scores ranging from 300 to 500 are considered by many to be deep subprime. The average auto loan interest rate still remains at 4.16%.
Should I Go Into Auto Sales Leads?
Whether it’s tackling the field of subprime auto finance leads or helping with bed credit auto leads, there’s a field for you. Special finance auto leads is more necessary than ever to support Americans of varying budgets and credit scores get the car they need. Car loan interest rates have increased from 4.13% in May of 2014 to around 4.25% in May of 2016. Consider looking into subprime credit dealing and auto financing to get your start in a vibrant and demanding new career field.