Although the delinquency rate on auto loans rose slightly compared to last quarter, it dropped considerably in relation to the third quarter last year, marking the eighth consecutive quarter to see a year-over-year decrease. According to TransUnion, the rate dropped to 0.47 percent from 0.58 percent in 2010, meaning good news for lenders, dealers and consumers alike.

Along with the decrease compared to last year, the fact that the delinquency rate rose in relation to the second quarter should not be viewed negatively because of historical precedent. Most years since 2000, delinquency rates have risen in the third quarter due to seasonal influences.

"The number of new auto loans coming on the books has continued trending upward since the end of the recession," Peter Turek, automotive vice president in TransUnion's financial services business unit. "A primary driver of this is relaxed lending policies of creditors. However, on a year-over-year basis, delinquencies have now dropped for eight consecutive quarters even in the face of increased lending to the subprime market."

Consumers who are looking to get behind the wheel of a used car but are still concerned about whether or not they may be approved for a loan will want to head to New Jersey State Auto Auction, which provides customers with automatic approval regardless of their credit history.

Getting a loan from New Jersey Auto can help people rebuild their credit through a number of different channels but most importantly, paying a loan back on time is a great way to improve one's credit score. Furthermore, if a customer has no history, there are few better ways to start one than with an auto loan.