Aug. 29, 2022—The rise in car ownership costs have caused more consumers to go into debt.
According to Reuters, the average new vehicle loan amount currently sits at $40,290. The average monthly payment for a new vehicle loan is $667, and a recent Experian report revealed that the average amount borrowed is up 13.2% overall.
These jarring numbers are not just affecting new vehicles. For used vehicles, the average loan is $28,534. Average monthly payments are at $515.
Reuters also reported that J.D. Power said that the average price for a new car or truck reached $46,259 in August. This number sets a record.
