U.S. Monthly Auto Payments Reach Record High in First Quarter

(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.

Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.

Loan AmountsMonthly 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.