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U.S. Auto Financing Amounts Reach New Highs
The average amount being financed for new-car purchases in the U.S. climbed to an eight-year high of $29,600 in the fourth quarter of 2015, Experian Information Solutions Inc. reports.
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The average amount being financed for new-car purchases in the U.S. climbed to an eight-year high of $29,600 in the fourth quarter of 2015, Experian Information Solutions Inc. reports. Average monthly payments rose to $493.
Both figures are the largest since the Florida-based company’s Experian Automotive unit began tracking the data in 2008.
Experian says financing for used cars, which accounts for almost two-thirds of all vehicle financing and monthly payments in the U.S., also advanced to record highs of $18,900 and $359, respectively.
The average new-vehicle loan at the end of last year was 67 months. Used-car loans averaged 63 months, according to the company.
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