U.S. Monthly Auto Payments Reach Record High in First Quarter
- New vehicle loans averaged $31,455, Experian data show
- Average monthly payment for new vehicle at record $523/month
Photographer: Daniel Acker/Bloomberg
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The average size of a loan for a new car or truck in the U.S. set a record in the first quarter as did the average monthly payment, according to database firm Experian PLC.
Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.