North America Used Car Financing Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The North America Used Car Financing Market is segmented by Car Type (Hatchbacks, Sedans, Sports Utility Vehicle, and Multi-purpose Vehicle), by Financier (OEM, Banks, and Non-Banking Financing Companies), and by Country (United States, Canada, Mexico, and Rest of North America). The report offers the market size and forecasts in value (USD billion) for all the above segments during the forecast years.

North America Used Car Financing Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

North America Used Car Financing Market Size

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North America Used Car Financing Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 8.26 %
Market Concentration Medium

Major Players

North America Used Car Financing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Used Car Financing Market Analysis

The North America Used Car Financing Market is expected to register a CAGR of 8.26% during the forecast period.

During COVID-19, North America's used car financing witnessed a steady decline, owing to the spread of the virus, and people avoided purchasing cars amid an economic slowdown. In addition, markets, showrooms, and auction events were closed as strict lockdown measures were imposed by the regional government. Although, after Q1 2021, everything was again on track, with the used car financing business back to a growth phase again.

The region is dominated by luxury case sales, which has been the key factor driving the used car financing marketplace. The consumer who opts to purchase luxury cars looks for a used car option to witness a reduction in the overall cost. This has helped the financiers to offer better interest rates and get ownership of the same. Several factors have influenced the growth of the market, including the pandemic, changing demographics and ambitions, the addition of first-time buyers, and the availability of various financing options by companies across the used car landscape.

Considering these factors, the United States is anticipated to hold the highest growth rate in the used car financing market in North America. People in the United States exhibit the highest income and are more exposed to owing luxury sedans in the used car segment. This has elevated the combined demand for financing services to ease the financial burden on individuals.

Considering these factors, the demand for used car financing in North America is expected to witness a high growth rate during the forecast period.

North America Used Car Financing Industry Overview

The market for used car financing across North America is moderately consolidated. The presence of many organized and unorganized players has created such a market scenario. Also, most auto manufacturers, apart from offering their own financing, have tie-ups with banks and other financial institutions, offering a wider choice for their customers. But the relatively easier procedures to procure a loan from various NBFCs are expected to tilt the market in their favor. Moreover, in the competitive arena, the majority of the used car financing business is ruled by banks and financial companies.

Financiers, including OEMs, banks, and NBFCs, have made strategic forefront in order to witness improved sales bars in the market. For instance, in September 2022, Mexico-based used car platform, Kavak, announced that it engaged USD 675 million in financing from HSBC bank to support its car loan offering.

North America Used Car Financing Market Leaders

  1. Ally Financial Inc.

  2. The Bank of America Corporation

  3. Capital One Financial Corporation

  4. Citigroup Inc.

  5. Royal Bank of Canada

  6. *Disclaimer: Major Players sorted in no particular order
North America Used Car Financing Market Concentration
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North America Used Car Financing Market News

  • July 2022: MercadoLibre and Brazilian financial service provider. Creditas, announced the launch of their new partnership in order to extend their used car loans in Mexico. Under this partnership, the two companies will expand their semi-new offerings throughout Mexico, starting from the capital of Mexico City.
  • July 2022: ReCar, which is one of the used car platforms, announced the opening of its new used car Dealership in St. John's, Newfoundland, Canada. The company will offer used car financing, along with several other services, at this location.

North America Used Car Financing Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Drivers
  • 4.2 Market Restraints
  • 4.3 Porters Five Force Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size in Value USD Billion)

  • 5.1 By Car Type
    • 5.1.1 Hachbacks
    • 5.1.2 Sedan
    • 5.1.3 Sports Utility vehicles (SUV)
    • 5.1.4 Multi-Purpose Vehicle
    • 5.1.5
  • 5.2 By Financier
    • 5.2.1 OEM
    • 5.2.2 Banks
    • 5.2.3 Non-Banking Financial Companies
  • 5.3 By Country
    • 5.3.1 United States
    • 5.3.2 Canada
    • 5.3.3 Mexico
    • 5.3.4 Rest of North America

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles *
    • 6.2.1 Ally Financial Inc.
    • 6.2.2 JPMorgan Chase & Co
    • 6.2.3 The Bank of America Corporation
    • 6.2.4 Toyota Motor Credit Corporation
    • 6.2.5 American Honda Finance Corporation
    • 6.2.6 General Motors Financial Company, Inc
    • 6.2.7 Capital One Financial Corporation
    • 6.2.8 Citigroup Inc.
    • 6.2.9 Royal Bank of Canada
    • 6.2.10 HSBC Holdings plc

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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North America Used Car Financing Industry Segmentation

Used car financing is the service that offers used cars to consumers at much-lowered prices with affordable EMI installments. These installments are divided based on the loan amount and tenure with some fixed rate of interest.

The North American Used Car Financing Market is segmented by Car Type (Hatchbacks, Sedans, Sports Utility Vehicle, and Multi-purpose Vehicle), by Financier (OEM, Banks, and Non-Banking Financing Companies), and by Country (United States, Canada, Mexico, and Rest of North America). For each segment, the market sizing and forecasts have been provided on the basis of value (in USD million) and volume (in metric tons).

By Car Type Hachbacks
Sedan
Sports Utility vehicles (SUV)
Multi-Purpose Vehicle
By Financier OEM
Banks
Non-Banking Financial Companies
By Country United States
Canada
Mexico
Rest of North America
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North America Used Car Financing Market Research FAQs

What is the current North America Used Car Financing Market size?

The North America Used Car Financing Market is projected to register a CAGR of 8.26% during the forecast period (2025-2030)

Who are the key players in North America Used Car Financing Market?

Ally Financial Inc., The Bank of America Corporation, Capital One Financial Corporation, Citigroup Inc. and Royal Bank of Canada are the major companies operating in the North America Used Car Financing Market.

What years does this North America Used Car Financing Market cover?

The report covers the North America Used Car Financing Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Used Car Financing Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

North America Used Car Financing Industry Report

Statistics for the 2025 North America Used Car Financing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Used Car Financing analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.