Record Setting Auto Loans: As vehicles continue to cost more, Americans are doing everything they can to pay for them, which means borrowing more and extending loan terms to make monthly payments easier to digest. Last week, data from Experian showed that Americans are borrowing for auto loans at record rates across the board. According to Experian, the average auto loan is $30,032, which is the first time in history this number has breached the $30,000 mark. Americans are also extending their loan terms to an average of 68 months, which is the longest average term ever. Finally, the average monthly payment is $503, which is the first time the average auto payment has topped the $500 mark.
Survey Says: There is little to no sign of this trend slowing down. In our monthly Consumer Pulse survey of 1,500 US consumers balanced to census, we ask participants if they plan on purchasing or leasing a vehicle in the next six months. As shown in the results for this question below, the trend is definitely towards an increased rate of purchase. The share of consumers that are considering a purchase over the next six months is up to a new high, while the share that are sure they will buy or lease in the next six months is close to its highest level in our survey’s history. Definitive “no” responses are also at new lows.
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