GITNUX MARKETDATA REPORT 2024

Must-Know Auto Loan Statistics [Recent Analysis]

Statistic 1

"Auto loans make up around 9% of the total consumer debt in the U.S."

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Statistic 2

"Auto loan delinquencies (payments overdue by 90 days or more) are at their highest rate since 2012."

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Statistic 3

"The auto lease market has grown to represent about 20% of the total vehicle finance market."

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Statistic 4

"Used car loan interest rates are typically 1-2 percentage points higher than new car loan rates."

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Statistic 5

"Over 65% of millennials finance their vehicle purchases through auto loans."

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Statistic 6

"The average term for a new auto loan is about 70 months as of 2023."

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Statistic 7

"The delinquency rate for auto loans was around 4.14% in Q1 2022."

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Statistic 8

"The average monthly car payment for a new vehicle was around $600 in 2022."

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Statistic 9

"The average down payment for a new car loan is around $4,500."

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Statistic 10

"Around 30% of all new car buyers opt for leases instead of auto loans."

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Statistic 11

"More than 85% of new car purchases in the U.S. are financed through auto loans."

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Statistic 12

"The average interest rate for a new car loan in early 2023 was about 6.07%."

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Statistic 13

"The average auto loan amount for a new vehicle is over $37,000 in 2022."

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Statistic 14

"The total auto loan debt in the U.S. exceeded $1.3 trillion in 2022."

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Statistic 15

"On average, it takes consumers 5 years and 9 months to pay off a new car loan."

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Statistic 16

"About 25% of all car buyers choose longer loan terms of 72 months or more."

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Statistic 17

"Subprime borrowers (credit scores below 620) pay an average auto loan interest rate of 10% or more."

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Statistic 18

"Online auto loan applications have increased by over 20% year-over-year."

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Statistic 19

"The average credit score for new car loan borrowers is 715."

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Statistic 20

"Refinanced auto loans can save consumers an average of $50 per month."

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