Consumers reported a greater likelihood they would apply for an auto loan in the next 12 months, according to survey results announced this week by the Federal Reserve Bank of New York.
Current application rates did not rise significantly for auto loans, but the numbers were already high, and the reported rate of rejections was lower, the Fed said in the Survey of Consumer Expectations Credit Access Survey.
The results for the latest survey, as of June, said 15.1% of respondents reported applying for an auto loan, up from 14.5% a year ago. At the same time, only 3.3% of the respondents said they were rejected, down from 6.5% a year ago, the survey said. The survey is conducted every four months, the Fed said.
In terms of expectations, 12.9% said they were likely to apply for an auto loan in the next 12 months, up from 10.8% a year ago, the Fed said.
Interestingly, a much higher percentage said they would expect to be rejected for an auto loan than actually get rejected. According to the survey, 26.5% said reported a likelihood they would be rejected, up from 23.6% a year ago.
