Used Auto Loan Payments Have Topped a Key Level

Buying a used car remains expensive even as supply chain bottlenecks have eased, pushing the average loan amount to $28,506.

According to credit score company Experian, consumers still rely heavily on financing for their car purchases, and the average loan amount has increased by 8.59% year-over-year.

However, there are some glimmers of light.

“Since the start of the inventory shortage, used vehicle values ​​have increased at a surprising rate, and appear to be slowing, which is a positive sign for consumers looking to buy a vehicle,” said Melinda Zabritsky, senior director of Automotive Financial Solutions. Experienced. “While average loan amounts and monthly payments continue to rise, there are many contributing factors such as rising interest rates.”


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