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
77 Pages
July 2022
Region: United States
TechSci Research
ID: 5633014

The United States used car loans market is expected to grow at a robust CAGR in the forecast period, 2023-2027

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.
The major market players operating in the United States used car loans market are 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.

Years considered for this report:

Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F

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.

The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of banking bodies, financial aid suppliers, and service providers across the country. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include the financial aids which could not be identified due to the limitations of secondary research. The publisher analyzed the presence of all major players across the country.

The publisher calculated the market size of United States used car loans market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the publisher.

Key Target Audience:

Used car loans banking systems, end users, and other stakeholders
Service providers 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, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, United States used car loans market has been segmented into following categories, in addition to the industry trends which have also been detailed below: