Used car loan payments passed a key level

Used car loan payments passed a key level

Buying a used car remains expensive even though supply chain bottlenecks have eased, bringing the average loan size to $28,506.

Consumers still rely heavily on financing for car purchases, and the average loan size rose 8.59% year-on-year, according to credit rating firm Experian.

There are still some glimmers.

“Since the beginning of the inventory shortage, the value of used vehicles has increased at an astonishing rate, and it seems to be slowing down, which is a positive sign for consumers looking to buy a vehicle,” said Melinda Zabritski. , Senior Director of Automotive Financial Solutions at ExpĂ©rian. “As average loan amounts and monthly payments continue to grow, many factors are contributing, such as rising interest rates.”

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