FYI: 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.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/consumer-pulse-auto-loans-setting-records/
