Automotive Financing Services Market Outlook: Growth to $717.33 Billion by 2035 Driven by Rising Accessibility and Consumer Demand

The global Automotive Financing Services market was valued at $295.13 billion in 2024 and is projected to reach $473.86 billion by 2030, and $717.33 billion by 2035 with a growing CAGR of 8.4% during the forecast period (2025-2035). In the past few years, auto financing services have become more affordable and more accessible. Auto finance is a $160.5 billion business in the US. 

A total of $1.5 trillion in loans have been made on new and used vehicles, making auto lending the third-largest category of consumer debt after home mortgages and student loans. More than 100 million Americans have an auto loan. In 2022, the average car loan was close to nearly six years, and the average monthly payment was $700 for a new car and around $500 for a used car. 

Browse the full report description of “Automotive Financing Services Market Size, Share & Trends Analysis by Vehicle Condition (New Vehicles, Used Vehicles), by Provider (OEMs, Banks, Others), by Vehicle Type (Passenger Vehicles, Commercial Vehicles), and Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/automotive-financing-services-market

Between 2000 and 2022, median household income grew somewhat faster than auto insurance expenditures, causing the affordability index to decline from 1.64% in 2000 to 1.51 percent in 2022. In other words, auto insurance was somewhat more affordable in 2022 than in 2000. Louisiana, Florida, and Michigan are the least affordable states for auto insurance, while Iowa is the most affordable state, according to a study from the?Insurance Research Council (IRC). 

Recent Developments

• In February 2025, Clearcover launched a Clearcover Inter-Insurance Exchange (CIX), a reciprocal exchange designed to extend the company’s reach into the non-standard auto market.

• In August 2022, Autonomy Launched Month-to-Month Auto Insurance as Part of the Subscription Bundle in Partnership with Liberty Mutual Insurance. Auto insurance coverage will be available as part of Autonomy’s car subscription bundle which already includes tax, title, registration, routine maintenance, and roadside assistance.

• In December 2021, Toyota Insurance Management Solutions established its first branded product, Toyota Auto Insurance, designed to offer customers quality, customizable coverage at affordable rates. Toyota Auto Insurance is available in Arizona, Illinois, Indiana, Ohio, and South Carolina, and will soon be offered in Georgia, Missouri, Tennessee, and Texas.

Key Players and Innovations

The major companies serving the automotive financing services market include Ally Financial Inc., Bank of America, N.A., Ford Motor Company, General Motors Financial Company, Inc., JPMorgan Chase & Co., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

Market Coverage

• The market number available for – 2024-2035

• Base year- 2024

• Forecast period- 2025-2035

• Segment Covered- 

o By Vehicle Condition

o By Provider

o By Vehicle Type

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - Ally Financial Inc., Bank of America, N.A., Ford Motor Company, General Motors Financial Company, Inc., JPMorgan Chase & Co.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Automotive Financing Services Market Report Segment

By Vehicle Condition

• New Vehicles
• Used Vehicles 

By Provider

• OEMs
• Banks
• Others 

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

Global Automotive Financing Services Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Russia

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia and New Zealand

• ASEAN Economies

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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