New auto loan research: What you need to know

A recent study form Experian sheds light on the “new normal” when it comes to consumers and auto loans. The $500 ceiling for a car payment for everyday consumers is a thing of the past, with the new average monthly payment in first quarter of this year hitting a record high of $523.

Payments aren’t the only thing going up. According to Experian, the average interest rate for a new vehicle loan was 5.17%. That’s up 31 basis points compared with first quarter of 2017.

Some other findings from the study that Experian just released:

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