ChoiceCash releases data study on changing fuel types for title loan vehicles

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: [email protected]

SOURCE ChoiceCash Title Loans