Subaru Customers Smile More, They Pay The Lowest Interest Rates
Subaru customers walk away from buying a new car smiling a little more than all other non-luxury brand car buyers. According to a recent report by Lending Tree, Subaru customers have the highest credit scores of all non-luxury auto brands resulting in paying less when they buy a new 2019 Forester, Outback or Crosstrek.
Having a high credit score means Subaru buyers are among the most credit-worthy borrowers based on reliable payment history. Of course, this means banks or credit unions have a reduced risk when lending for a car loan to these buyers, and can afford to charge lower interest rates.
We aren’t sure why Subaru attracts a customer with the best credit score unless the brand is appealing to a demographic that is able to manage their finances more responsibly. The good news for Subaru is, because of their customer's good credit scores they are able to close more car deals. Maybe this is why they keep setting records every month.
How much do you pay?
According to Experian Automotive, the average new-vehicle auto loan rate was 6.13 percent in 2018. For super-prime customers, it was 4.19 percent. For customers with a “deep” subprime credit score (500 or below), the average was more than triple that rate, at 14.88 percent. Subaru customers are in the top 10 highest-average auto loan credit scores, according to Lending Tree.
It’s not surprising that the luxury brands took the top 6 spots, with Tesla the number one automaker with an average score of 740. At number two was Porsche, at 727; Lexus, 699; Volvo, 698; Audi, 697; Land Rover, 695. Subaru was number 7, at 691 and Mazda was Number 8, at 690. Jaguar, 687; and Acura, at 686 finished out the top 10.
Subaru customers seem to be more financially responsible, have the highest credit scores and get the lowest interest rates of all non-luxury brands. They pay less in interest on that new all-wheel-drive vehicle. No wonder they are smiling when they drive a new 2019 Forester, Outback or Crosstrek off the lot.
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Photo credit: Brattleboro Subaru USA