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The average car loan term is 68.48 months for a new car and 67.41 months for a used car, ... However, the percentage of new car loans in the 61- to 72-month range rose from 38.45% to 40.78%, an ...
At 72 months, the new car loan interest rate was at 8.67% in Q4 2023, the Fed reports. (These numbers are simple unweighted averages of each banks’ most common rate.)
Over time, drivers who are financing their vehicle will likely lose 50% or more of its value over the life of their car loan—the average term of which is now approaching 72 months.
Auto loan balances increased by $13 billion in the third quarter of 2023 to $1.6 trillion, according to the Federal Reserve Bank of New York. This figure has been on an upward trajectory since 2011.
For example, the study authors pointed out that if you have a car loan balance of $35,000 with more than three years left of a monthly payment of $1,008 at an APR of 11%, you can significantly ...
A near-record 17% of car owners are paying more than $1,000 a month, according to Edmunds, a car shopping site and industry data provider. Though slightly down from the record of 17.9% in the ...
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