The Average Auto Loan

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Posted on November 24, 2018 at 03:21 AM

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What Is the Average Monthly Car Payment?
The average monthly car payment on a new vehicle in 2017 is a hefty $479, and as of 2016, the average car loan was a whopping $30,032 with an average length of 68 months — that’s over five and a half years! Interest rates on auto loans are also rising and will cost you well over 4 percent annually on average.
How Long Is the Average Car Loan? - Budgeting Money
The average length of an auto loan stretched to 69.3 months according to Bloomberg, as of 2017, which is 6.8 percent higher than five years ago. Many buyers even push their payment schedule way beyond that, with seven- and eight-year loans becoming more prevalent.
Average New and Used Auto Loan Rates -
Every month, HSH collects the latest information on new and used auto loan rates from lenders in dozens of metropolitan areas around the US. The sampling of averages listed here includes only a few of the areas we survey.

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