There was a sharp rise in the number of consumers taking out car loans in 2024, as motorists purchased a record number of new vehicles.
Australians bought an unprecedented 1,220,607 new vehicles last year, with Toyota, Ford, Mazda, Kia and Mitsubishi being the most popular brands, according to the Federal Chamber of Automotive Industries.
As a result, consumers took out a record $4.7 billion of car loans in the December quarter, which was 13.0% more than the year before, according to the Australian Bureau of Statistics.
Interestingly, there was an even larger rise in personal loans taken out to purchase holidays, household goods and other items – that rose by 25.9% to a record $3.9 billion.
If you’re looking to secure funds for a car or a consumer purchase, please get in touch with the Unconditional Finance team, as a car loan or personal loan may be a better option than a credit card.
