Consumers Seeking Affordable Car Insurance, Cheaper Vehicles

The recession has more and more consumers trying to save money wherever they can, from shopping for affordable car insurance to buying more used vehicles.

According to new figures from Experian Automotive, a division of one of the nation's leading credit bureaus, 68.13 percent of all automotive loans in the first quarter of 2009 were for used cars, up from 64.3 percent in the first quarter of 2008.

"Loans are still available, but lenders are changing terms. This is pushing some consumers out of the new vehicle market and into the used vehicle market. Some finance companies that specialize in subprime loans have seen their share increase as traditional lenders move away from riskier loans," said Melinda Zabritski of Experian Automotive in a statement.

Further reflecting the economy's impact on drivers, Experian reported that auto loans that were more than 30 days past due increased 11.3 percent year over year during the first quarter of 2009, while loans more than 60 days past due were up 19.5 percent. The company adds that 2.48 percent of all auto loans are now 30 days or more past due.

By shopping around, people can often find affordable car insurance. Now, more of them are also finding out that this is a good way to save money on a vehicle as well.

For more about saving money on auto insurance, visit InsureMe.com today.

ShareThis