Car Payments Soar, Some Stretch to 8-Year Loans
Recent data from Experian shows car payments are reaching record highs with new vehicle loans averaging $748 per month. Used cars aren't much better at an average of $532 monthly with high interest rates.Key TakeawaysAverage new car payment is now $748 a month, up from previous years.New vehicles cost over 30% more since 2020 with prices hitting an all-time high of $50k in September.Some buyers are opting for loans lasting as long as eight or even ten years to manage payments.The surge in car costs is leading many Americans to finance their vehicle purchases over longer periods. With new cars now averaging around $42,332 and interest rates at 6.56%, buyers are taking on hefty monthly obligations.Used cars aren't immune either, with payments still climbing despite being less expensive than ...