00:00It's Benzinga bringing Wall Street to Main Street.
00:03Auto loan rejection rates fell sharply.
00:05Last summer, dropping from 42% in February to 15% by June.
00:10As credit conditions eased, according to Benzinga, lower rejection rates.
00:15This did not make cars more affordable for many buyers, as loan terms continued to stretch
00:20to reduce monthly payments.
00:22Average auto loan balances remain similar across...
00:25With millennials and Gen X borrowers around $22,500...
00:30Baby boomers close behind...
00:32And 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 at around 13%.
00:50Nearly 1 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.
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