Average Auto Loan Payments: What To Expect Bankrate
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Written by Auto Loans Reporter Aug. 26, 2022 Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, Aug. 26, 2022 Share
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. For many Americans, the cost to finance a vehicle can be one of the biggest hits to their wallets each month outside of housing costs. The amount you have to pay to keep your car on the road is dependent on a number of factors ranging from , your credit score, the vehicle you choose and your loan term. As an informed consumer and driver, it's important to understand typical monthly payments and rates so you can feel confident that you are getting the best deal. Key monthly car payment statistics
The average monthly car payment for new cars is $667. The average monthly car payment for used cars is $515. 38.22 percent of consumers financed new vehicles in the second quarter of 2022. 61.78 percent of consumers financed used vehicles in the second quarter of 2022. SUVs make up over 60 percent of all new loans. How much are monthly car payments
Average New cars Used cars Monthly payment $667 $515 Loan amount $40,290 $28,534 Interest rate 4.33% 8.62% Loan term 69.46 months 68.01 months Source: Credit score New cars Used cars 781–850 $640 $485 661–780 $673 $508 601–660 $696 $532 501–600 $692 $531 300–500 $660 $515 Average $667 $515 Source: Credit score New cars Used cars 781–850 $36,725 $28,638 661–780 $41,969 $30,473 601–660 $42,461 $28,598 501–600 $38,802 $23,935 300–500 $33,978 $20,311 Average $40,290 $28,534 Source: Credit score New cars Used cars 781–850 2.96% 3.68% 661–780 4.03% 5.53% 601–660 6.57% 10.33% 501–600 9.75% 16.85% 300–500 12.84% 20.43% Average 7.23% 11.35% Source: Credit score New cars Used cars 781–850 63.57 65.33 661–780 71.16 69.05 601–660 74.61 68.98 501–600 73.95 66.48 300–500 72.53 63.28 Average 69.46 68.01 Source: Written by Rebecca Betterton Auto Loans Reporter Edited by Auto loans editor You may also like