US auto loan debt reached $1.61 trillion as of Q4 2023, but the story is anything but uniform. New loans averaged $40,250 in Q4 2023 while used vehicle loans sat at $26,140, and terms swung from 69.6 months for new cars to 67.8 months for used with 20% of new loans running longer than 72 months. The gap between payment sizes, APRs, and delinquency rates raises a key question worth answering with the full dataset.
Key Takeaways
- Average new auto loan amount was $40,250 in Q4 2023
- Used auto average loan size $26,140 in Q4 2023
- Average auto loan term reached 69.6 months for new cars in 2023
- 45% of US adults have auto loans with avg APR 9.1% 2023
- 54% of new car buyers financed in 2023
- Millennials hold 34% of auto loan debt despite 22% population
- Overall US auto delinquency rate 2.64% Q4 2023
- Subprime delinquency 5.31% 60+ days Q4 2023
- New auto delinquencies up 50bps to 1.9% Q3 2023
- Average APR for new auto loans was 7.18% in Q4 2023
- Used auto loan APR averaged 11.35% Q4 2023
- Superprime new car APR 5.23% average 2023
- As of Q4 2023, total outstanding auto loan debt in the US reached $1.61 trillion
- Auto loan balances grew by 0.7% in Q4 2023 to $1.61 trillion
- From 2019 to 2023, auto debt increased by 30% to over $1.5 trillion
In Q4 2023, US auto debt topped $1.61 trillion, with new loan amounts averaging $40,250.
Average Loan Amounts and Terms
1Average new auto loan amount was $40,250 in Q4 2023
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2Used auto average loan size $26,140 in Q4 2023
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3Average auto loan term reached 69.6 months for new cars in 2023
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420% of new auto loans in 2023 were over 72 months
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5Average used car loan term 67.8 months Q3 2023
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6Superprime borrowers average loan $45,000 new autos 2023
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7Subprime used loan average $20,500 in 2023
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8Refinance auto loans averaged $28,000 in 2023
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9EV new auto loans averaged $48,000 in Q4 2023
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1015-year auto loans now 5% of originations 2023
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11Average down payment new cars 10.2% or $5,500 in 2023
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12Used car down payments averaged 11.8% in Q3 2023
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13Loans under $20,000 22% of used market 2023
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14Jumbo auto loans over $50,000 18% new vehicles 2023
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15Average monthly payment new autos $742 in 2023
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16Used auto monthly payments averaged $520 Q4 2023
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1772-month loans average amount $35,500 new 2023
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18Prime borrowers avg term 68 months used cars 2023
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19Deep subprime avg loan $15,200 used 2023
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20Lease buyouts average $25,000 in 2023
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21Average loan-to-value new autos 115% in 2023
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22Used LTV averaged 126% Q3 2023
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23Balloon payment loans 3% of market avg $30k 2023
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24Average new auto loan Q1 2024 $41,000+
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2560-month loans avg $32,000 used 2023
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26Millennial avg auto loan $28,500 2023
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Average Loan Amounts and Terms Interpretation
The sobering math of modern car ownership means we're taking out seven-year mortgages on rapidly depreciating assets, often borrowing more than they're worth, to drive off the lot with a payment that feels like a second rent check.
Borrower Demographics
145% of US adults have auto loans with avg APR 9.1% 2023
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254% of new car buyers financed in 2023
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3Millennials hold 34% of auto loan debt despite 22% population
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4Gen Z auto loan penetration 25% up from 18% in 2022
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5Women borrowers 48% of auto loans but avg smaller amounts 2023
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6Superprime borrowers 47% of new originations 2023
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7Subprime share of used loans 20% in Q4 2023
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8Average FICO for new auto loans 765 in 2023
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928% of subprime borrowers 90+ days delinquent 2023
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10Black households auto debt 1.5x white households adjusted income 2023
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1162% of households earning <$50k have auto loans 2023
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12Boomers avg FICO 740 for auto loans 2023
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13Urban borrowers 55% of auto loan volume 2023
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14First-time buyers 15% of new loans avg FICO 710 2023
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15Hispanic borrowers 18% of market share 2023
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16Self-employed 12% higher rejection rates auto loans 2023
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1735-44 age group highest auto debt $15k avg 2023
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18College grads 2x more likely to finance luxury autos 2023
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19Single borrowers 40% of subprime segment 2023
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20Rural areas 22% higher used loan reliance 2023
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21760+ FICO avg income $120k for auto loans 2023
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22Veterans 8% of auto loans avg longer terms 2023
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23Gig workers rejection rate 25% auto financing 2023
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2425-34yo 30% of new originations 2023
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25Low-income (<$35k) 35% subprime auto loans 2023
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26Female-headed households avg $10k more debt 2023
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Borrower Demographics Interpretation
The American auto loan landscape is a tale of two credit scores: while superprime borrowers are comfortably cruising in new cars, a rising tide of younger, urban, and lower-income buyers is navigating rougher financial waters with longer terms and higher rates just to keep pace.
Delinquency and Default Rates
1Overall US auto delinquency rate 2.64% Q4 2023
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2Subprime delinquency 5.31% 60+ days Q4 2023
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3New auto delinquencies up 50bps to 1.9% Q3 2023
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4Used auto 90-day delinquency 4.2% end 2023
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5Prime delinquency steady at 1.8% Q4 2023
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6Deep subprime 90+ days 11.5% Q3 2023
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7Serious delinquency (90+) overall 3.8% used loans 2023
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8EV loan delinquencies 0.5% lower than gas 2023
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92023 subprime new delinquency peaked at 4.9%
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10Credit union auto delinquencies 1.2% Q4 2023
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11Buy-here-pay-here default rates 25% annual 2023
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12Gen Z delinquency 4.1% vs avg 2.7% 2023
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13Transition to delinquency 60-day rate 1.65% Q4 2023
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14Foreclosure starts on autos up 10% YoY 2023
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15Negative equity linked to 40% higher delinquency 2023
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16Long-term loans (>72mo) delinquency 3.2% 2023
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17Regional variation: South 3.1% delinquency vs Northeast 2.1% 2023
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18Refinance lowered delinquency by 15% for participants 2023
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19Subprime used 30+ days 12.4% Q4 2023
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20Overall default rate 1.2% auto loans 2023
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21Millennial delinquency 3.0% avg 2023
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22Charge-off rates subprime 5.8% Q3 2023
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2372-month loans 2.8% delinquency rate 2023
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24Post-COVID delinquency recovery to 2.5% by mid-2023
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25Low FICO (<620) 8.2% serious delinquency 2023
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26Auto repossessions rose 20% YoY to 1.7 million in 2023
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27Subprime repossessions 127,000 in Q4 2023
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28Repo rates per 1,000 loans 3.5 overall 2023
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29Used vehicle repos up 23% to 1.4M in 2023
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30New auto repos minimal at 0.8 per 1,000 2023
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31Subprime repo rate 15.2 per 1,000 Q4 2023
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32States with highest repos: Texas 180k in 2023
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33EV repos 30% below average due to value retention 2023
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34Buy-here-pay-here repos 40% of inventory turnover 2023
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35Repo auctions averaged $14,500 per vehicle 2023
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36Delinquent loans entering repo 45 days avg 2023
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37Prime borrower repos 0.4 per 1,000 2023
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38Negative equity vehicles 25% more likely repossessed 2023
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39Repo recovery rates 55% LTV avg 2023
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40Q1 2024 repos up 5% QoQ to 350k
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41Long-term loan repos 1.8x higher 2023
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42Gen Z repos 2x millennial rate 2023
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43Credit unions repo rate 1.1 per 1,000 2023
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44Urban areas 60% of national repos 2023
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45Post-repo deficiency balances avg $8,200 2023
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Delinquency and Default Rates Interpretation
While America's prime borrowers are cruising along steadily, a disturbing number of subprime drivers—particularly in used, long-term loans—are sputtering towards a financial cliff, creating a two-lane economy where the repossession lane is getting uncomfortably crowded.
Interest Rates and APRs
1Average APR for new auto loans was 7.18% in Q4 2023
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2Used auto loan APR averaged 11.35% Q4 2023
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3Superprime new car APR 5.23% average 2023
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4Subprime used APR hit 16.85% in Q3 2023
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5Prime borrowers new auto APR 6.75% Q4 2023
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6Deep subprime APRs over 18% for 70% of loans 2023
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7Refinance APR savings averaged 2.1% in 2023
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8EV financing APR 0.9% lower than ICE 2023
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984-month loans APR averaged 8.2% new 2023
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10Credit union auto APRs 1.5% below banks 2023
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11Online lender APRs averaged 9.8% used cars 2023
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12Fed rate hikes pushed auto APRs up 4% since 2022
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13Nonprime APRs 14.2% average Q3 2023
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140% APR deals 12% of new sales 2023
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15Average interest paid over loan life $9,200 new 2023
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16Used superprime APR 7.1% Q4 2023
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17Dealer-arranged loans APR 2% higher than direct 2023
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18Gen Z subprime APR averaged 15.5% 2023
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19Fixed vs variable APR 95% fixed in auto loans 2023
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20Average auto loan rate forecast 7.5% for 2024
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21Buy-here-pay-here APRs exceed 20% average 2023
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22Prime used APR 8.45% end 2023
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2348-month loans APR 6.9% new cars 2023
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2437% of borrowers with 700+ FICO got under 6% APR 2023
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Interest Rates and APRs Interpretation
This sobering parade of numbers reveals a financial caste system on wheels, where your credit score dictates not just your monthly payment but your very dignity, proving that while all cars may depreciate, the cost of financing one is a brutally efficient measure of societal standing.
Market Size and Growth
1As of Q4 2023, total outstanding auto loan debt in the US reached $1.61 trillion
Single source
2Auto loan balances grew by 0.7% in Q4 2023 to $1.61 trillion
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3From 2019 to 2023, auto debt increased by 30% to over $1.5 trillion
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4In 2023, auto loans accounted for 9.3% of total consumer debt at $1.58 trillion
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5Q3 2023 saw auto loan debt at $1.58 trillion, up 8.7% year-over-year
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6By end of 2022, US auto loan balances hit $1.52 trillion
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7Auto debt surged 12% in 2022 to $1.49 trillion
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82023 average new vehicle financing was 85% of transactions
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9Total auto loans originated in 2022 exceeded $700 billion
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10Captive finance share of new auto loans was 32% in 2023
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11Bank-originated auto loans grew 5% YoY in Q3 2023
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12Credit union auto loans outstanding reached $140 billion in 2023
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13Prime auto loan originations hit $285 billion in 2023
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14Subprime auto loans totaled $170 billion outstanding in Q3 2023
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15Used auto loan balances were $682 billion in Q4 2023
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16New auto loan debt stood at $928 billion end of 2023
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17Auto loan market projected to grow to $2 trillion by 2027
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18112.7 million auto loans outstanding as of Q3 2023
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19Average household auto debt $11,184 in 2023
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2042% of US households had auto loans in 2023
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21Auto loans comprised 8.9% of GDP in consumer credit 2023
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222023 saw $500 billion in new auto lending volume
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23Finance companies hold 15% of auto loan market share 2023
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24Regional banks auto lending up 4% in 2023
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25Online lenders captured 10% of auto loans in 2023
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26EV auto financing volume reached $50 billion in 2023
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27Lease financing was 28% of new vehicle transactions 2023
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28Total securitized auto loans $250 billion in 2023
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29Millennials hold 40% of auto loan debt 2023
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30Gen Z auto loans grew 25% YoY in 2023
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Market Size and Growth Interpretation
Americans are now so deeply indebted to their cars that a significant portion of the population is essentially leasing their freedom from a bank parking lot.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Gabrielle Fontaine. (2026, February 13). Auto Loan Statistics. Gitnux. https://gitnux.org/auto-loan-statistics
MLA
Gabrielle Fontaine. "Auto Loan Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/auto-loan-statistics.
Chicago
Gabrielle Fontaine. 2026. "Auto Loan Statistics." Gitnux. https://gitnux.org/auto-loan-statistics.
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