Millennials surpass baby boomers in auto loans outstanding | Auto Finance News | Auto Finance News

Millennials surpass baby boomers in auto loans outstanding

Millennials hold a bigger share of auto loans than baby boomers, according to Experian’s 2019 Consumer Credit Review.

Borrowers aged 29 to 38 — the segment Experian considers millennials — held 30.1% of total outstanding auto loans, compared with baby boomers aged 55 to 73, who held 29.1% of all outstanding auto loans. Generation X borrowers — aged 39 to 54 — remained the age bracket holding the highest ratio of auto loans, at 33.4%. Millennial borrowers now also outnumber baby boomers, the report noted.

Millennials have an average FICO of 668 across all credit segments, a 25-point increase since Experian began tracking the data in 2012. The increase “is an impressive boost for this generation of Americans, who are becoming an increasingly important factor in driving economic growth,” the report said.

Additionally, the average FICO score for consumers with an auto loan remained at a record high of 705 last year. Auto borrowers’ credit score remained two points higher than the national average across all credit segments, which hit an all-time high of 703 in 2019. In fact, 59% of Americans in 2019 had FICO scores of 700 or higher, the largest percentage ever recorded by Experian.

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