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Share of non-prime originations, by credit product U.S. 2007-2020

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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Source

Release date

December 2019

Region

United States

Survey time period

2007 and 2018

Supplementary notes

*Figures are projections

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