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Fewer People Late On Car Payments

By: Car,payment,credit,score,load,high,risk,borrower
By: Car,payment,credit,score,load,high,risk,borrower

A credit reporting agency says that while high-risk borrowers got more auto loans, people are doing better at keeping up the payments.

TransUnion says that for the January to March quarter, the rate of U.S. auto loan payments at least 60 days overdue declined to 0.36 percent, or down about 27 percent from the same period last year.

That's also down about 22 percent from the last three months of 2011.

The auto loan delinquency rate has fallen on an annual basis for 10 consecutive quarters. One key reason: After the last recession, many borrowers made keeping up with their car payments a priority over other types of financial obligations.

TransUnion says that's good news for car shoppers, because it makes banks more willing to make auto loans.

Low interest rates also have helped more car buyers qualify for financing.


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