Rejection rates for all kinds of loans climbed in 2023, and application rates dropped, according to quarterly survey on credit access
Would-be car buyers say lenders have been tapping the brakes hard in 2023, according to a new look at consumer access to credit.
A record-breaking share of auto loan applicants say they’ve been rejected for loans this year, according to the Federal Reserve Bank of New York.
Based on surveys collected in February, June and October, an average of 11% of automobile-loan applicants said they had been rejected, the highest yearly car-loan rejection rate since the New York Fed began tracking the figure in 2013.
That speeds past the previous record on car-loan rejections, which was set in 2020, when 7.9% of applicants said they were turned away from a car loan.
Read more at Morningstar.com
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