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 (Less than 3 years, 3-5 years), By Region, Competition Forecast & Opportunities, 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.
• 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 analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of banking bodies, financial aid suppliers, and service providers across the country.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the financial aids which could not be identified due to the limitations of secondary research. The analyst examined the presence of all major players across the country. The analyst 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 analyst 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 analyst.
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.
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: • United States Used Car Loans Market, By Vehicle Type: o Hatchback o Sedans o SUVs • United States Used Car Loans Market, By Financier: o OEM o Banks o NBFCs • United States Used Car Loans Market, By Percentage of Amount Sanctioned: o Up to 25% o 25-50% o 51-75% o Above 75% • United States Used Car Loans Market, By Tenure: o Less than 3 years o 3-5 years • United States Used Car Loans Market, By Region: o South West o Mid-West o North East
Company Profiles: Detailed analysis of the major companies present in United States used car loans market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Our reports have been used by over 10K customers, including:
Although not a fully formalized market yet, Latin American used car sales have expanded in the last few years as a result of new vehicles’ high prices and reduced supply scarcity because of pandemic-related supply chain issues. Most local used vehicle transactions happen informally. However, traditional car dealerships, online...
Global Used Car Market By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Propulsion Type (Internal Combustion Engine, Electric), By Sales Channel (Offline, Online), By End-Use (Institutional, Individual), By Region, Forecast & Opportunities, 2017- 2027F The global used car market was valued at USD 813.79 billion in the...
175 pages •
By The Business Research Company
• Aug 2022
Major players in the used cars market are Hendrick Automotive Group, Group 1 Automotive, Inc., Cox Automotive, Asbury Automotive Group, Inc., CarMax Business Services LLC, TrueCar, Inc, Pendragon PLC, Lithia Motors, Inc., The Hertz Corporation, AutoNation, Quikr, Honda Auto Terrace, Toyota U-Trust, Vroom, OLX, Cars24 services private limited,...
Although marketplaces were already offering their services online, the COVID-19 pandemic prompted many transactional companies to start offering their services digitally too. This resulted in more competition, an expansion of the market, and the development and implementation of different digital tools and services in order to cater to clients’...
In this report, Frost & Sullivan profiles, analyzes, and benchmarks conventional and electric OEMs by their OES channel service and maintenance offerings. The geographic scope is global. The base year is 2021; global sales reflect 2019, 2020, and 2021. The study benchmarks the OEMs and their OES services in the following segments:Maintenance...
After facing a challenging period in 2020, with isolation measures and economic difficulties due to the COVID-19 pandemic, Europe has started getting back to normal.However, although vaccination rates have advanced, some markets are still in crisis. The automotive market, for example, has not recovered to usual levels of new car sales.Global...
The UAE’s used car market experienced unprecedented growth in 2021.On the one hand, the global shortage of microchips impacted new car supply, boosting the demand for used cars, on the other hand, the recovery of market sentiment in the UAE and EXPO 2020 Dubai (postponed to 2021) boosted the Vehicle Miles Traveled (VMT) in the country. As...
Driving off: Industry revenue is expected to rise in the current year due to pent up demand Abstract Used Car & Light Motor Vehicle Dealers in the UK Dealers and auctioneers in this industry sell used cars and other light motor vehicles. Vehicles sold include passenger cars, SUVs, jeeps and any other...
Saudi Arabia Used Car Market, By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2027 Saudi Arabia used car market is projected to register robust growth during the forecast period.The growth...
The global online car buying market reached a value of US$ 261.2 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 515.6 Billion by 2027, exhibiting a CAGR of 11.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.