(Bloomberg) -- 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.
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Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.
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Loan Amounts | Monthly Payments | |
Q1 2018 | $31,455 | $523 |
Q1 2017 | $30,534 | $509 |
Q1 2016 | $30,032 | $503 |
Q1 2015 | $28,711 | $488 |
Q1 2014 | $27,612 | $474 |
Q1 2013 | $26,648 | $459 |
Additionally:
- Outstanding loan balances reached a record high of $1.108 trillion
- Loans for used vehicles reached $19,536, also a record
“The dream of owning a new vehicle is becoming more elusive,” said Melinda Zabritski, senior director of automotive financial solutions at Experian.
©2018 Bloomberg L.P.