CHICAGO – Rhode Island had the second-lowest average auto loan balance in the nation in the second quarter, according to a TransUnion report that also showed the national auto loan delinquency rate remained relatively flat.
The average account balance on auto loans in Rhode Island was $11,552 in the second quarter. Only Michigan, at $10,992, had a lower average account balance.
Nationally, the average balance stood at $13,435 in the second quarter, up from $12,875 in the second quarter of 2012.
The national auto loan delinquency rate, or the percentage of accounts 60 days or more past due, remained nearly the same over the year, rising from 0.79 percent in the second quarter of 2012 to 0.8 percent in the same period this year.
Delinquency rate data was not provided for Rhode Island.
“It’s encouraging to see consumers take on more auto debt while delinquencies remain low,” said Peter Turek, vice president of automotive for TransUnion, in a statement. “Consumers clearly are more confident in managing additional debt.”
TransUnion gathers and analyzes data, trends and perspectives on the consumer lending industry.
Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.