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Home » Average Auto Loan Balance By State – June 2024
Car payment statistics
- The average monthly payment for new cars is $738, according to Experian.
- The average monthly payment for used cars is $532, according to Experian.
- New cars cost an average of $48,510, according to Cox Automotive.
- The average loan term for new cars is 67.87 months, according to Experian.
- The average loan rate for new cars is 7.18 percent, according to Experian.
- The average loan term for used cars is 67.40 months, according to Experian.
- The average loan rate for used cars is 11.93 percent, according to Experian.
- Drivers pay an average down payment of $4,122 for used vehicles, according to Edmunds.
