Automotive

Auto Loans Are Up

Some of the articles covering this are written like people are choosing between taking on loan debt or spending their vacation fund. They aren’t. Dealers can be understanding partners, whereas others may miss the human story here.
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Auto Loans Are Up

The price of new and used vehicles continues to rise and pull along US debt

The average monthly payments for new cars are up 15% year-over-year to $667. The average auto loan size also increased 13.2% to keep pace. The loan length stayed flat at around 69 months. 

Used car monthly payments jumped 17% to $515. A used car's average value climbed 18.7% to $28,534. Loans for used cars accounted for 61.8% of all auto loans compared to 2021's 58.5%.

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