00:00C'est Benzinga, bringing Wall Street to Main Street
00:02Auto loan rejection rates fell sharply
00:05last summer, dropping from 42% in February
00:08to 15% by June.
00:10As credit conditions eased, according to Benzinga, lower rejection rates
00:15did not make cars more affordable for many buyers
00:17as loan terms continued to stretch
00:20to reduce monthly payments.
00:22Average auto loan balances remain similar across
00:25generations with millennials and Gen X borrowers around $22,500.
00:30Baby boomers close behind and Gen Z just over $20,000.
00:35The shift appears in the loan structure rather than the balances.
00:38More than half of Gen X borrowers
00:40now carry loans longer than 72 months
00:42with many millennials extending past 80 months.
00:45Gen Z borrowers face the highest average interest rates
00:48at around 13%.
00:50Nearly one in 10 Gen X borrowers pays $1,000 or more per month.
00:55placing pressure on household budgets.
00:57For all things money, visit Benzinga.com.
01:00for all things money, visit Benzinga.com
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01:05for most communities and the sinonide людей
01:05organizations associated with
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