In the second quarter, the average monthly payment for a new car loan increased to $667, up nearly 15% from a year earlier.
DEARBORN — According to credit monitoring business Experian, American customers are responding to rising new car and truck prices by taking on more debt, which increased the average loan amount for new automobiles and trucks to a record-high $40,290 during the second quarter.
DETROIT —According to credit monitoring business Experian, American customers are responding to rising new car and truck prices by taking on more debt, which increased the average loan amount for new automobiles and trucks to a record-high $40,290 during the second quarter.
According to Experian’s most recent study on the automotive finance sector, the average monthly payment for a new car loan increased to $667 in the second quarter, up nearly 15% from a year earlier. According to Experian, the average amount borrowed increased by typically13.2%.
Just over 69 months was the average term of a new car loan in the second quarter, unchanged from a year earlier.
Also borrowing more are buyers of used cars. The typically used car loan increased by 18.7% to $28,534 and increased by 17% to $515 every month.
The price of new cars has been rising in the United States faster than the rate of general inflation for the majority of the year, despite the Federal Reserve’s efforts to calm the economy by hiking interest rates. Because of chip shortages and other supply chain snags, automakers claim they are still unable to keep up with demand.
According to market research company J.D. Power, the average cost of a new automobile or truck reached a record high in August of $46,259 per vehicle.
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