According to Experian Automotive, the states which suffer from the lowest average credit scores also report the highest rates of auto loan delinquency. During Q2 of 2010, individuals financing used cars had an average credit score of 679 – this figure does not include Buy Here Pay Here car dealerships which do not check or report an applicant’s credit score. Compare that 679 score to the average credit scores in these states:
- Mississippi: 628
- South Carolina: 634
- Texas: 640
- Alabama: 642
- Arizona: 649
These states also report high rates of delinquency. But in better news, the overall auto delinquency rate has been dropping universally. The 60-day delinquency rate is down by nearly 12%, and the 30-day rate by just over 3%. That means consumers are having a slightly easier time making their payments, which is good for drivers and lenders alike. Want more information about falling auto loan delinquencies? Visit Subprime News.
