In this essay, we delve into the recent evolution of per capita auto loans in regions with... Bureau of Labor Statistics, such that the numbers correspond to dollars in the first quarter of...
Learn about car loans with these extensive auto loan statistics, presenting the average US car loan length, rate, demographics, and payment plans.
The Federal Funds Rate Could Start To Drop in 2024 ; In March 2022, the U.S. Federal Reserve (Fed) issued the first in a series of hikes to the federal funds rate, from 0.25% to 0.50%. The federal funds rate is the rate at which the Fed loans money to consumer lending institutions. The move was the first rate increase since 2018 and was intended to curb runaway inflation, which had reached 6.5% at the time of the decision. Changes to the funds rate tend to correlate directly with rates for consumer lending such as auto loans. Predictably, auto ...
Average car payments for new vehicles increased slightly year over year, while they decreased for used and leased vehicles. Average car payments for new vehicles increased by 0.1%, according to second-quarter 2024 Experian data. In the same period, average car payments for used and leased vehicles decreased by 2.1% and 2.3%, respectively. That puts average monthly car payments at $734, $525 and $586, respectively. The price of used cars and trucks decreased. Used car and truck prices are down a ...
Remaining supply chain issues causing record-high vehicle prices and high interest rates are causing auto loan debt to soar.
In 2023, the average auto loan debt in the United States was approximately 1,180 U.S.
In 2023, the generation X was the age group with the highest amount of auto loan debt in the United States.
The typical debt consolidation loan amount ranged from $10,000 to $20,000. ; Over half of the respondents consolidated debt to simplify and reduce their payments, 54% to lower their interest rates and 42% to reduce their overall debt burden. ; Forty-five percent of survey takers stated they had missed a payment on their consolidation loan. ; Only 4% of respondents believed they would remain debt-free after paying off their debt consolidation loan.
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In this post, the authors revisit their analysis on credit cards and examine which borrowers are struggling with their auto loan payments.