Findings used cars can be difficult. You have many factors to consider – not the least of which includes a budget – and it can be a slog trying to balance everything out. One of the toughest aspects to figure out is how you're going to manage loans, particularly if you're what is known as a subprime buyer. 

More auto loans in the U.S. 
Experian Automotive recently released its latest report, State of the Automotive Finance Market, and its findings are likely interesting for subprime buyers. The study noted that 30- and 60-day auto loan delinquencies increased by 3.7 percent and 8.6 percent, respectively, in the third quarter of 2014. In total, the balance for all auto loans jumped to $870 million – up from $784 million last year, according to the report. 

There is good news for buyers in the Mid-Atlantic region, however. Most loan delinquencies were concentrated in the southern part of the country. Mississippi, Washington, D.C. and Louisiana were the top three, in some order, for both the 30- and 60-day categories. 

Nothing to worry about it 
Although there has been an increase in the delinquency rate, Experian Automotive officials maintained that the trend is normal and expected. Much of this is due to the sheer number of loans being awarded to buyers. 

"While we have observed a rise in delinquencies over the past few quarters, it was to be expected due to the growth in subprime loans. We have to keep in mind that a majority of the market is still in the prime risk category," said Melinda Zabritski, Experian's senior director of automotive credit. "As long as consumers continue to do a good job of making their auto-loan payments on time and lenders keep a close eye on how rates fluctuate year over year, the industry should remain relatively stable."

Making smart decisions
Ultimately, drivers can guard against delinquency by making savvy choices regarding their loans. Listen to experts and let them advise you as to the best course of action. Still, you'll have to choose a plan that you're comfortable with, so staying within your comfort zone is important. 

If you need help determining how to afford a car, let the team at New Jersey State Auto Auction come to your rescue. Not only does the lot have hundreds of Carfax-certified used cars, trucks and vans, but it also has a financing team. This in-house crew assists you in getting approved for a loan and figuring out how to manage monthly payments.