5 Tips To Paying Off Your Auto Loan Fast!
Auto loans can be a drag, in this video we will cover how to overcome this debt and get back to a debt free life.
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Checkout the Facts
Average car payments in the U.S. increased year over year. The jumps were 10.8% for new vehicles, 7.3% for used vehicles and 8.0% for leased vehicles, according to fourth-quarter 2022 data from Experian. That puts average monthly car payments at $716, $526 and $578, respectively.
Increases in new vehicle prices aren’t as severe. New vehicle prices are up 6.1% year over year, according to the March 2023 U.S. Bureau of Labor Statistics (BLS) consumer price index, but used car and truck prices are down 11.2%. Americans borrow an average of $41,445 for new vehicles and $27,768 for used vehicles, according to Experian.
Auto loan debt is the third-largest debt category behind mortgages and student loans. Overall, Americans owe $1.55 trillion in auto loan debt, according to the Federal Reserve Bank of New York, accounting for 9.2% of American consumer debt.
On average, Americans take out $62.2 billion in new auto loans each month. By age, Americans younger than 50 take out $40.2 billion in auto debt monthly, according to the New York Fed, compared with $21.8 billion by those 50 and older.
Americans are taking many years to pay back their auto loans. The average auto loan term is 69.4 months for new cars, 68.0 months for used cars and 35.4 months for leased vehicles, according to Experian.
Auto loan delinquency rates are seeing mixed results. 3.7% of outstanding auto debt is at least 90 days late, down from 4.0% the year prior, according to the New York Fed. Meanwhile, 6.6% are 30 days overdue, up from 5.0% the year prior.
Borrowers with prime credit scores are responsible for the majority of retail vehicle financing. Borrowers with credit scores of 661 and higher account for 66.5% of retail vehicle financing, according to Experian, versus 15.6% for subprime borrowers with credit scores of 600 and below.
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