Automotive Financing Market 2020 Technology Advancements and Future Scope - Bank of America Corporation, Ally Financial Inc, Hitachi Capital Asia Pacific Pte. Ltd.

Automotive Financing Market - Growth, Trends And Forecast (2020 - 2025)

This report aims to provide an unbiased and a comprehensive outlook of the Global market to the readers. Analysts have studied the key trends defining the trajectory of the market. The research report also includes an assessment of the achievements made by the players in the Automotive Financing

The automotive financing market is anticipated to register a CAGR of over 4%, during the forecast period (2020 - 2025).

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The Global Automotive Financing market report chiefly includes following manufacturers-

Bank of America Corporation, Ally Financial Inc, Hitachi Capital Asia Pacific Pte. Ltd., Toyota Financial Services, and HSBC Holdings plc

Market Overview

- The growing innovation in e-commerce is reshaping the car shopping and financing process into a quick and easy experience for customers. The increasing number of innovative ways is expected to make an auto finance ecosystem, where digital companies will take hold of the sales and financing process, and specialized players occupy various parts of the value chain.
- The automotive financing market has already matured in industrialized nations, however, there are untapped opportunities in developing countries, where the market has extremely low penetration. One of the chief reasons for low automobile sales in African countries is the unavailability of options for finance.
- According to the survey and research conducted by J.D. Power, the New vehicle retail sales in January 2019 are expected to fall, when compared to 2018. Retail sales are projected to reach 864,300 units, a 2.4% decrease, when compared with January 2018. The seasonally adjusted annualized rate (SAAR) for retail sales is expected to be 13.2 million units, down 451,100 from 2018.

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Attractive Financing Schemes Driving the Passenger Car Sales

The interest rate of new cars are at one of their lowest point in the past three years. However, the average new-car loan now charges approximately 12% less interest than the average used-car loan. Earlier, financial institutions/banks used to finance only 70-80% of the total vehicle price, however, nowadays, these institutions/banks offer 100% finance of the vehicle, due to which people are showing more interest in buying a new car over the used car. The average interest rate for such buyers has risen nearly 39%, since Q1 2016.

The demand for car finance is also increasing, as different banks/OEMs, credit union, etc., provide customers numerous options of financing at attractive interest rates. For instance -

- Credit unions financing rates are ~17%
- Car manufacturers/OEMs financing rates are ~13%
- Regional banks financing rates are ~8%
- Community and small banks financing rates are ~10%

Influence of the Automotive Financing market report:

Comprehensive assessment of all opportunities and risk in the Automotive Financing market.
Automotive Financing market recent innovations and major events.
Detailed study of business strategies for growth of the Automotive Financing market-leading players.
Conclusive study about the growth plot of Automotive Financing market for forthcoming years.
In-depth understanding of Automotive Financing market-particular drivers, constraints and major micro markets.
Favorable impression inside vital technological and market latest trends striking the Automotive Financing market.

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