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: