GITNUX MARKETDATA REPORT 2024

Statistics About The Average Used Car Payment

In this post, we explore key statistics related to car payments and auto loans in the United States. From average monthly payments for new and used vehicles to loan terms and interest rates based on credit scores, these figures provide insights into the financial aspects of purchasing a car. Understanding these statistics can help individuals make informed decisions when considering buying a car, whether new or used, and navigating the loan process effectively.

Statistic 1

"The average monthly car payment on a new vehicle in the U.S. is $550."

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Statistic 2

"The average new vehicle auto loan hit a record high of $31,099."

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Statistic 3

"The average monthly car payment on a used vehicle in the U.S. is $393."

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Statistic 4

"86.3% of new cars and 55.5% of used cars were financed in 2019."

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Statistic 5

"In the second quarter of 2019, the average used vehicle loan was 64.27 months."

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Statistic 6

"The average car loan term is 67 months for new cars, and 65 months for used cars."

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Statistic 7

"For customers with high credit (FICO score of 661-780), average auto loan rates for used cars is 6.15%."

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Statistic 8

"For customers with very good credit (FICO score 601-660), the average auto loan rate for used cars is 11.23%."

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Statistic 9

"For customers with fair credit (FICO score 501-600), the average auto loan rate for used cars is 17.63%."

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Statistic 10

"For customers with bad credit (FICO score below 500), the average auto loan rate for used cars is 20.67%."

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Statistic 11

"Average loan amount for used cars for the first quarter of 2021 is $22,191."

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Statistic 12

"Subprime borrowers (501-600 FICO score) received auto loans of, on average, $16,631 for used cars."

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Statistic 13

"In 2019, 55.5% of used-car buyers financed their vehicles."

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Statistic 14

"The average amount financed for a used car is around $22,000."

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Statistic 15

"In Q1 2021, used-vehicle loan amounts rose 10.8% year-over-year, the largest increase ever recorded."

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Statistic 16

"The average loan amount for a used light truck in Q1 2019 was $20,598."

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The statistics reveal a concerning trend in the auto loan industry, with both new and used vehicle loan amounts reaching record highs and average monthly payments continuing to increase. The data highlights the widespread reliance on financing for car purchases, particularly among buyers with lower credit scores who face higher interest rates. The substantial rise in used-vehicle loan amounts in Q1 2021 underscores the financial strain faced by many consumers in securing affordable transportation. This data underscores the importance of careful financial planning and awareness of credit options when considering a vehicle purchase.

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