Buying a used car is an expensive endeavor, so there is no shame in needing auto refinancing or a car loan to purchase a vehicle. In fact, more and more drivers are turning to loans to complete an investment, which is having a widespread effect on the auto industry. 

According to a recent study from the informational group Experian Automotive, more than 84 percent of car purchases made in the second quarter of 2013 involved a car loan. That represents a record high and a significant increase from the same time in 2012. 

While more prospective motorists are taking out loans to make a car purchase possible, they are also paying the debts back at a higher rate. The study found that the rate of loans ending in repossession dropped to 0.36 percent, which is a record low. As the number of delinquencies fall, banks are in a better position to offer more loans to subprime borrowers – a fact that should be welcome news for many consumers. 

"Loans have become more accessible in recent years, and we've seen a steady growth in the percentage of consumers financing their vehicles," said Melinda Zabritski, a senior director of automotive credit at Experian Automotive. "Obviously, this is good news for the auto industry, but it's also good news for consumers, because this, combined with the reduction we have seen in delinquencies, shows that they are feeling more confident in their ability to take on more debt and pay it off in a timely manner." 

If you're looking for a used car that won't break the bank, check out the selection at New Jersey State Auto Auction. The lot is filled with CARFAX-certified cars, trucks and vans, all of which can provide a solid choice for the value-conscious consumer.