New report shows Canadians with car loans particularly prone to delinquencies
A report shows Canadians with auto loans faced challenges as car-loan debt for those borrowing outside of a bank jumped 12 per cent year-over-year. Cars sit on the lot at a dealership in Bowmanville, Ont. on Jan. 22, 2022.Consumer debt and delinquency in Canada continued to rise in the third quarter of the year, despite lower interest rates easing pressure on some pockets of the population, a new credit-bureau report says.
Canadians with auto loans particularly faced challenges, as car-loan debt for those borrowing outside of a bank jumped 12 per cent year-over-year. Vehicle loans from a bank went up almost 3 per cent in the third quarter. “Auto loans used to be for four years, five years, they’re now seven years,” she said. “That means you’re carrying that debt over a longer period of time.”
Newcomers to Canada, and consumers new to credit, experienced the biggest spike in missed credit payments. One in 22 consumers in this group missed a payment in the third quarter, up from one in 28 the previous year.
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