In 2020, 34 percent of all auto loans were expected to be non-prime originations, up one percent from 2019. However, 41 percent of all auto loans were non-prime originations at the start of the recession in 2007. Non-prime loans are similar to subprime loans in that both are loan products accessible for those with low credit scores, however the average credit score needed for a non-prime loan in 2020 was 80 points higher than the average score needed for a subprime loan in 2008. Income documentation is required to obtain non-prime credit, whereas none was needed for a subprime loan in 2008.
Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product
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GlobeNewswire. (December 12, 2019). Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product [Graph]. In Statista. Retrieved December 26, 2024, from https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/
GlobeNewswire. "Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product." Chart. December 12, 2019. Statista. Accessed December 26, 2024. https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/
GlobeNewswire. (2019). Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product. Statista. Statista Inc.. Accessed: December 26, 2024. https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/
GlobeNewswire. "Share of Non-prime Originations in The United States in 2007 and from 2018 to 2020, by Credit Product." Statista, Statista Inc., 12 Dec 2019, https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/
GlobeNewswire, Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product Statista, https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/ (last visited December 26, 2024)
Share of non-prime originations in the United States in 2007 and from 2018 to 2020, by credit product [Graph], GlobeNewswire, December 12, 2019. [Online]. Available: https://www.statista.com/statistics/1102402/non-prime-originations-product-usa/
