Automotive Loan Market Competition: Key Players and Market Dynamics

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TechSci Research's report on the Automotive Loan Market, titled "Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," indicates accelerated growth in the global automotive loan market during the forecast period. The surge is attributed to the increasing preference for cars as a convenient mode of commute across various regions. Notably, the adoption of digital lending services, such as electric automobiles, connected cars, and driverless cars, is contributing to the expansion of the automotive loan market.

The report delves into specific categories, including commercial vehicle loans, which facilitate the acquisition of commercial vehicles by both private buyers and companies. Unlike car loans, designed for personal vehicles, commercial vehicle loans cater to automobiles intended for business use. Distinct criteria govern loan eligibility for various vehicle types, ensuring approval only when borrowers meet specific financier requirements.

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Automotive loan companies are enhancing their Loan Origination Software (LOS) systems to support automated decisions effectively. This upgrade leads to quicker response times and processing, allowing financiers to promptly approve or reject online applications through automated decision-making and loan structures.

A key driver for market expansion is the growing global demand for automotive refinancing, offering individuals lower interest rates on existing loans. Refinancing gains popularity due to advantages like reduced monthly payments, lower interest rates, and shorter loan terms. Notably, the third-largest debt sector, following mortgages and student loans, is auto loans, with American vehicle loan debt totaling USD 1.46 trillion, representing 9.4% of all consumer debt in the country.

Report Scope

In this report, the global automotive loan market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Global Automotive Loan Market, By Vehicle Type:

• Two-Wheeler

• Passenger Car

• Commercial Vehicle

• Global Automotive Loan Market, By Provider Type:

• Banks

• NBFCs (Non-Banking Financial Companies)

• OEM (Original Equipment Manufacturer)

• Others

• Global Automotive Loan Market, By Percentage of Amount Sanctioned:

• Less than 25%

• 25-50%

• 51-75%

• More than 75%

• Global Automotive Loan Market, By Tenure:

• Less than 3 Years

• 3-5 Years

• More than 5 Years

• Global Automotive Loan Market, By Region:

• North America

• United States

• Canada

• Mexico

• Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia

• Middle East & Africa

• Saudi Arabia

• UAE

• South Africa

• Turkey

• South America

• Brazil

• Argentina

• Colombia

The report highlights the dominance of banks in the automotive loan market, anticipating significant expansion due to their provision of secure credit. Banks now offer 100% financing for vehicles, allowing customers to apply for preapproval and compare predicted loan offers for enhanced decision-making. OEMs (Original Equipment Manufacturers) are expected to grow at the fastest rate, emphasizing better after-sales services and their role as drivers of new business models and the future of mobility.

Regionally, Europe leads the automotive loan market, attributed to the dominance of companies offering financing services and a robust advertising sector raising awareness of automotive loan plans.

Key market players in the global automotive loan market include:

• Ally Financial Inc.

• Bank of American Corporation

• Daimler Financial Services

• Capital One Financial Corporation

• Ford Motor Credit Company

• GM Financial Inc.

• Mitsubishi HC Capital UK PLC

• General Motors Financial Company, Inc.

• Toyota Financial Services

• JPMorgan Chase & Co.

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The market is segmented based on vehicle type, provider type, percentage of amount sanctioned, tenure, and region, providing a comprehensive breakdown. 

TechSci Research's report underlines the rising demand for vehicles in emerging economies, with consumers opting for monthly loan payments. New banking financial companies offering zero down payment loan schemes with low-interest rates and EMIs are driving the automotive loan market.

"The rising demand for new vehicles and used vehicles witnessed the significant growth in the emerging economies across the globe. Owing to the rising vehicle prices, vehicle buyers are opting for monthly loan payments which is driving the automotive loan market. Additionally, with the emergence of new banking financial companies which are providing minimum zero down payment loan schemes with low-interest rates and EMIs are enticing consumers to avail loan to buy a vehicle which is driving the car loan market," said Mr. Karan Chechi, Research Director with TechSci Research.

The comprehensive report, titled "Automotive Loan Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Vehicle Type [Two-Wheeler, Passenger Car, Commercial Vehicle], By Provider Type [Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment Manufacturer), Others (Fintech Companies)], By Percentage of Amount Sanctioned [Less than 25%, 25-50%, 51-75%, More than 75%], By Tenure [Less than 3 Years, 3-5 Years, More than 5 Years], By Region, Competition, Forecast & Opportunities, 2018-2028F," assesses the future growth potential of the global automotive loan market, providing statistics and information on market structure, size, share, and future growth. The report aims to offer cutting-edge market intelligence and assist decision-makers in making informed investment decisions, also identifying emerging trends, drivers, challenges, and opportunities in the global automotive loan market.

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