Millennials’ appetite for auto loans has grown at a faster rate than Gen-X borrowers at the same age points, according to a study released yesterday by TransUnion.
Millennials — who have as much as 24% of the purchasing power in the United States — are different than other generations in terms of their auto purchasing habits. “We expected millennials to not be as interested in lending, in used cars, and so forth,” but “millennials — relative to Gen-Xers at the same age — are actually more active in [auto] borrowing and leasing,” Ezra Becker, TransUnion’s senior vice president of global research and consulting, told Auto Finance News.
