Buying a used car can be costly, which is why many drivers need auto loans and similar financing options to help them afford the vehicle of their dreams. While paying back loans isn’t the most alluring prospect, there is good news for motorists who take advantage of this opportunity, as more people are finding attractive financing plans that enable them to make payments on time.

According to Experian Automotive’s most recent report, State of the Automotive Finance Market, the number of 30-day auto loan delinquencies dropped 3.5 percent in the fourth quarter of 2013, bringing the total number of delinquencies to just 2.63 percent of all loans. The rate for 60-day delinquencies remained steady at 0.74 percent.

Additionally, the total balance of auto loans in the U.S. reached a record level of $798.5 billion. These are good signs for the industry, as it shows more people are taking out loans to purchase a car, but they are able to pay back these debts.

“The automotive finance market continues to move along at a very healthy pace, and we are pleasantly surprised by the continued drop in delinquencies,” said Melinda Zabritski, Experian Automotive’s senior director of automotive finance. “The record level of open loan balances combined with the reduction in late payments shows that consumers who have purchased a vehicle are not only reliant on financing, but also firmly committed to making their payments on time.”

Anyone who needs the support of an auto loan to purchase a car should consider the options at NJ State Auto Auction. Not only does the lot have hundreds of Carfax-certified options that can fit a variety of styles and budgets, but it also has its own financing department that can be used to sort through loan and payment options.