VAN NUYS, Calif., April 19, 2024 /PRNewswire/ -- ChoiceCash, a
leading title loan brand offering subprime customers responsible
access to credit by using their paid-off cars, trucks or SUVs as
collateral, has released data on the changing composition of title
loan originations by fuel type and manufacturer.
Based on loan origination data from its launch in 2019 through
Q1 2024, ChoiceCash is observing a growing share of title loans
being secured by electric vehicles (EV), however growing from a
very small base of 0.04% in 2019 to 0.37% in Q1 2024. At 97.89%,
vehicles powered only by internal combustion engines (ICE) still
account for the vast majority of title loans, down from 99.38% in
2019.
Tesla cars accounted for 71% of ChoiceCash loans secured by an
EV during that time, reflecting the company's high EV market share
in the United States.
Analysis of all ChoiceCash loans secured by vehicles that are
not purely ICE-powered revealed Toyota as the largest manufacturer,
reflecting Toyota's long history of mass-producing hybrids for
the United States market. The
Toyota Prius by itself accounted for almost one third of loans
secured by EVs, Hybrids and Plug-in Hybrids.
About ChoiceCash:
ChoiceCash is a vehicle-secured loan option for borrowers from
all walks of life. Serving customers in more than 20 states,
including Florida, Texas, and North
Carolina, ChoiceCash has grown to be a premier funding
option, with more than a million loan inquiries processed.
The ChoiceCash loan is made by Capital Community Bank, a Utah
Charted bank, located in Provo,
Utah, Member FDIC. All loans will be serviced by LoanMart.
Loan proceeds are intended primarily for personal, family and
household purposes. All loan applications are subject to meeting
Capital Community Bank's credit criteria, which include providing
acceptable property as collateral. Customers need to demonstrate
ability to repay the loan.
Contact information: media@choicecash.com
View original
content:https://www.prnewswire.com/news-releases/choicecash-releases-data-study-on-changing-fuel-types-for-title-loan-vehicles-302121060.html
SOURCE ChoiceCash Title Loans