How much is the average car payment in America? Plus 21 car loan statistics!

Did you know that the model The car loan payment in the United States is more than $550 per monthAnd the total auto loan debt in the country Reached more than $1.1 trillion?

But it’s not just the monthly payment that drains our finances; I still need to Best car insurance policy You can get new cars They quickly decrease by 20% or more After they are kicked out of the lot.

In this post, we’ll take a look at the cost of a typical car payment in the US for both new and used cars as well as other car facts in this blog post.

Top car loan statistics in the United States (2024):

• Average monthly cars Pay in the US is $575 for a new car.
• $430 is the typical monthly car payment In the United States for a used car.
• Consumers in The United States borrows $34,635 on average For new cars.
• Consumers borrow Average $21,500 for used cars.
• $1.18 trillion is the total amount of auto financing Outstanding in the United States.
• countries with Higher car loan payments It also seems to be High car insurance premiums.
• Louisiana has The highest average monthly payments are for both new and used cars at $596 and $393And the nation Highest average auto insurance rates at $192 per month.

Average car payments in the United States

How much is the average car payment in America?

Average monthly vehicle payment in US is $575 for new cars and $430 for used cars As of 2024.

What is the average payment for new cars in the United States?

Average monthly cost in the United States For new cars it is $550.

What is the average payment for used cars in America?

the Average cost of a used car In the United States it is $393 per month.

What percentage of cars are paid for on the road?

According to recent auto loan data, the majority of new cars on the road now are financed through a lease or loan. 85%, which is the same percentage as in previous years. but, More used cars financed: 55.5% Compared to 54% in 2018.

Average monthly auto loan payments by state

Louisiana has The highest average monthly car loan payment is $596 per month For a new car and New Hampshire has The lowest monthly auto payment for a new car is $487 per month. Louisiana has it too Highest auto payment for used cars at $393 per month and Montana has the lowest car payments for used cars at about $289 per month.

Higher car loan premiums could mean higher car insurance rates

Based on our internal data, States with higher auto loan payments It also seems to be HHigh car insurance premiums. For example, Louisiana and Michigan have high auto loan payments and insurance premiums. This may indicate that states with generally higher costs of living and vehicle expenses tend to have higher costs in all aspects of car ownership.

US auto debt statistics (2024)

How much do Americans owe on auto loans?

At the beginning of 2020, car loan debt In the United States, it reached $1.18 trillion.

How much debt do Americans take on car loans each month?

Every month more than 2 million Americans Get new car loans Its value is about 56 billion dollars.

What is the average loan amount for new cars in America?

On average, consumers borrow $34,635 to purchase a new car.

What is the average loan term for new cars in America?

The average loan term for new cars is 69 months, and according to studies, 4.5 percent of outstanding car debts are 90 days delinquent, while 7 percent are 30 days delinquent.

What is the average loan amount for used cars in America?

Consumers borrow about $21,500 for used cars.

What is the average loan term for used cars in America?

The loan term for used cars is usually 35 months.

Car rental statistics in America

What is the average lease car payment in the United States?

the Average monthly cost of a rented vehicle In the US it is $452.

What is the average loan term for leased cars in America?

the The average loan term on a leased car is 37 months In the United States

What is the percentage of rental cars on the road?

in 2024The percentage of all new cars sold for lease fell to 27%, down from 31% in 2019. Lease payments increased for almost all customers, except for those in the Prime and Ultra-Luxury segments, who saw their lease payments decline in 2020.

Key statistics:

• When compared to monthly car loan payments, monthly lease rates are about $97 less.
• In the United States, leasing represented 29.1% of all new cars sold

General statistics for car loans in America

Which generation has the highest car loan debt?

Generation

What is the average car interest rate (APR)?

Average The annual percentage rate for auto loans in 2019 was 8.06%. On an annual basis, this percentage ranged from 5.66% for customers with excellent credit to 21.54% for customers with bad credit.

Key statistics:

• In the United States, baby boomers are the demographic most likely to own a new car.
• Although only 9.28% of US credit is allocated to auto loans, 85% of new non-commercial vehicles are purchased in the United States.
• According to the Federal Reserve Bank of New York, nearly 7 million Americans appear to be at least 90 days behind on their auto loans.
• Louisiana and Michigan have high auto loan payments and insurance premiums
• The Silent Generation, which has 8.3 percent of the market share, and Generation Z buyers, who have 2.8 percent of the market share, are the populations that account for the fewest annual new vehicle registrations.

Concluding thoughts

taking measures

Monthly car payments are on the rise in the United States. The average car payment in America has risen to $575 per month, and some people are even paying more than that!

It was also shocking to see that if your state has high auto loans, it likely has high insurance premiums. This means that lowering bills (such as your car insurance rates) is crucial if you want to pay off your car loan faster.

Although $1.18 trillion in auto loan debt is a large and scary number, I believe that over time we will be able to address this debt.

sources:

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