With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high.

Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in finance company portfolios now stands at $902.2 billion.

Furthermore, credit bureau analysts determined the total number of auto loans outstanding now sits at more than 64 million.

Despite record high balances, Equifax pointed out serious delinquencies on vehicles loans remain near all-time lows, representing less than 1 percent of total outstanding balances for the third consecutive month.

In addition, the total balance of new credit originated for auto loans year-to-date in April is $163.5 billion, the highest since at least 2005.

“Auto lending continues to thrive, accounting for more than fifty percent of all new non-mortgage lending through April of 2014,” Equifax deputy chief economist Dennis Carlson said.

“Lenders are responding to record low delinquencies by offering great rates and terms, while consumers are responding to the improving economic conditions by making the decision to purchase newer vehicles,” Carlson continued.

“Additionally, subprime lending has grown across all sectors in 2014. This is good news as a fully functioning second-chance market is essential for a healthy economy,” he went on to say.

Equifax noted that the total number of new loans originated through April for subprime borrowers — consumers with risk scores of 640 or lower — came in at 2.6 million, representing 32 percent of all vehicle installment contracts originated during the first four months of 2014.

The total balance of subprime auto loans now stands at $46.2 billion, an eight-year high and representing 28.2 percent of the total balance of new auto loans, according to Equifax.