Feeling the crunch of a tight car budget? Have no fear, because auto loans are available to take some of the stress away from buying a used car – and these financing options are rapidly becoming a popular choice for a large portion of drivers. <\/p>\n
Automotive financing options are making it easy for prospective drivers to get behind the wheel. With a large number of people searching for cars – auto sales in August were at the highest rate since 2006, according to InAutoNews – many are turning to financing.<\/p>\n
More loans than ever before<\/strong> People are also borrowing more money. According to NBC News, the average used car loan now sits at $18,258. That's almost 2 percent higher than it was in the middle of 2013. It also led to the average monthly payments for used vehicles hitting an all-time high of $355. While that may seem like bad news for some money-conscious buyers, it is not a death sentence. In actuality, there are many options for people – even those with poor credit – to find a loan that works for them.<\/p>\n "More and more consumers, especially those that are credit challenged, are turning to the used vehicle market as a viable option to purchase their next car," said Melinda Zabritski, a senior director of automotive finance for Experian. <\/p>\n
\nExperian Automotive reported that more than 53 percent of all used car purchases in the first quarter of 2014 involved some kind of financing, which is an increase of nearly 1 percent from the year before. <\/p>\n