July 12, 2024
Home » Average Auto Loan Balance By State – June 2024

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.