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CHARLOTTE, N.C., May 25, 2016 /PRNewswire/ -- Millennials in Memphis, Milwaukee and St. Louis are seeking auto loans more often than their counterparts in any of the nation's top 50 cities, according to a new study by LendingTree®, the nation's leading online loan marketplace. They're at the forefront of a growing nationwide trend of young car buyers returning to the automobile market.

LendingTree analyzed auto loan requests received from May 15, 2015 and May 15, 2016 for consumers between 18 and 34 years of age, along with requests from the total population of auto-loan-seekers in the same period. The city ranking is created from the percentage of all purchase auto loan requests that were submitted by consumers in the millennial generation.

Memphis, TN tops the list with 41.98% of all auto loan requests coming from millennials, followed by Milwaukee, WI (40.68%) and St. Louis, MO (37.88%). Average auto loans to young borrowers in those cities are $11,791.22, $11,413.42 and $12,352.36 respectively.

On average, 33% of all auto loan requests through LendingTree come from applicants under 35 years old. Nationally, their auto loans average $14,825.34, compared to $17,938.74 for applicants aged 35 years and older.

"With unemployment among millennials improving, coupled with lower interest rates and low gas prices, the share of millennial auto loan requests is on the rise," said Doug Lebda, founder and CEO of LendingTree. "Although the share of millennial auto loan requests is relatively lower in densely populated urban areas, the auto market appears to be enticing aging millennials."

Despite the widely-held belief that millennials will become an increasingly smaller segment of the total car-buying population, the share of auto loan requests from millennials has been increasing in recent years. The share of millennial auto loan requests has climbed from roughly 27 percent in early 2013 to about 34 percent in 2016, suggesting a return of younger buyers to the car market.

Approximately 53.6% of millennial auto loan requests in the past 12 months were for new vehicles and 46.4% of requests were designated for the purchase of used vehicles. For borrowers 35 years and older, 55.8% of requests were for the purchase of new vehicles and 44.2% for used, suggesting millennials are slightly less likely to finance the purchase a new vehicle compared to borrowers 35 years and older.

Full data and city ranking available by visiting: https://www.lendingtree.com/press-room
 

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Sadly, few are listening to my "if you don't have the money, you can't afford it" screams. Financing companies would happily loan me the money for a Tesla model S P90, but I'm not stupid enough to bite that hook.
 

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It's called, "Personal Responsibility" which is so far removed from current thinking that most people don't even understand the concept.
 

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It's called, "Personal Responsibility" which is so far removed from current thinking that most people don't even understand the concept.
And also called parenting: to raise your children to be contributing adult members of society instead of becoming basement dwellers who's only goal is to master Mario Kart.
 

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