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The average monthly car payment is $745 for new cars and $521 for used
Posted on 6/9/25 at 3:46 pm
Posted on 6/9/25 at 3:46 pm
quote:
The average monthly car loan payment in the U.S. is $745 for new vehicles and $521 for used ones originated in the first quarter of 2025, according to credit reporting agency Experian.
It’s worth noting that some recent reports from other industry analysts place the average car payment per month even higher. The May 2025 Cox Automotive/Moody’s Analytics New-Vehicle Affordability Index listed the average monthly car payment as $753 in April 2025.
When you’re buying a car, it’s helpful to use the average car payment amount as a benchmark, but your actual car payment per month is determined by several different factors.
What determines your monthly car payment?
Here's a look at what contributes to the total amount of a car loan payment. Some of these factors are within a borrower’s control more than others.
- Loan amount. The amount you borrow is based on the sale price of the car you choose, minus any down payment or trade-in credit. This is the principal portion of a monthly car payment.
- Interest rate. Interest is the percentage you pay on top of the principal to borrow money. Lenders consider factors like your credit score, debt and income to set your interest rate, which will vary by lender. When comparing lender rates, use the annual percentage rate, or APR, because it includes any lender fees.
- Type of car you buy and where. Your choice of vehicle can also influence the interest rate you receive. For example, some lenders charge higher loan rates for used cars. If you purchase a car from a private seller, your rate may be even higher.
- Length of the loan. Called the loan term, this is the number of months you have to pay off the loan. The most common auto loan terms are 24, 36, 48, 60, 72 and 84 months
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Posted on 6/9/25 at 3:48 pm to RLDSC FAN
Insanity.
Posted on 6/9/25 at 3:48 pm to RLDSC FAN
I look around my neighborhood and have no idea how my neighbors afford some of the things they have or things they do.
Not my business but I believe there is a huge chunk of our society that isn't saving a penny for retirement and expecting the government to fund their retirement.
Not my business but I believe there is a huge chunk of our society that isn't saving a penny for retirement and expecting the government to fund their retirement.
Posted on 6/9/25 at 3:48 pm to RLDSC FAN
I got my note down to $350 on my Sierra Denali Unlimited. Stretched it out to 20 years
This post was edited on 6/9/25 at 3:49 pm
Posted on 6/9/25 at 3:49 pm to Cosmo
Posted on 6/9/25 at 3:51 pm to RLDSC FAN
Holy shite.
My highest new car was $250.
My highest new car was $250.
Posted on 6/9/25 at 3:54 pm to RLDSC FAN
quote:
The average monthly car loan payment in the U.S. is $745 for new vehicles and $521 for used
The most common auto loan terms are 24, 36, 48, 60, 72 and 84 months
Imagine paying $750 a month for a car over 7 years. If they don't trade it in early, you know as soon as those payments end, they will be back at the dealership
Posted on 6/9/25 at 3:58 pm to msutiger
quote:
I look around my neighborhood and have no idea how my neighbors afford some of the things they have or things they do.
I think the same thing. I know how well we do and what we can afford, it's insane some of these folks driving $80k vehicles. Oh well, none of my business, just boggles my mind.
Posted on 6/9/25 at 3:59 pm to RLDSC FAN
That's fricking wild. I believe it though. I was looking at the new Broncos and just about spit my drink out pulling those up.
Also unsure how some of my neighbors are affording that shite as well.
Also unsure how some of my neighbors are affording that shite as well.
Posted on 6/9/25 at 3:59 pm to RLDSC FAN
That is crazy. I would LOVE to get a new car but the no car payment is VERY nice. My last car payment was $285 a month and I just can't imagine tripling that now. That is ridiculous.
I say this all the time to my husband but we must be doing something wrong in life cuz everyone we know if living it up in 500-800K homes, riding around in expensive SUVs, all kids in private schools. LIKE HOW??? And we are making more money than ever. Need to start selling drugs or something.
I say this all the time to my husband but we must be doing something wrong in life cuz everyone we know if living it up in 500-800K homes, riding around in expensive SUVs, all kids in private schools. LIKE HOW??? And we are making more money than ever. Need to start selling drugs or something.
This post was edited on 6/9/25 at 4:02 pm
Posted on 6/9/25 at 4:00 pm to RLDSC FAN
How long before 10 year auto loans and 40 year mortgages to become a thing?
Posted on 6/9/25 at 4:00 pm to RLDSC FAN
Wtf? That would go a long way on a mortgage note
Posted on 6/9/25 at 4:01 pm to RLDSC FAN
Paid mine off a few months ago. It was $273/month at the time.
I'm running that motherfricker into the ground
I'm running that motherfricker into the ground
Posted on 6/9/25 at 4:03 pm to Weekend Warrior79
quote:just seeing that in print makes me feel nauseous.
Imagine paying $750 a month for a car over 7 years.
I'm old though to remember getting a coupon book in the mail from my credit union for a used car I paid 7k for and holding that thick book made feel incredibly depressed.
ETA and it was only $199/mo
Still depressing as shite
This post was edited on 6/9/25 at 4:04 pm
Posted on 6/9/25 at 4:03 pm to Roberteaux
quote:40 year mortgages are a thing in the UK.
How long before 10 year auto loans and 40 year mortgages to become a thing?
Posted on 6/9/25 at 4:04 pm to soccerfüt
Doesn't CA offer interest only mortgages where you never actually pay down the house?
Posted on 6/9/25 at 4:04 pm to tigafan4life
quote:
I say this all the time to my husband but we must be doing something wrong in life cuz everyone we know if living it up in 500-800K homes, riding around in expensive SUVs, all kids in private schools. LIKE HOW??? And we are making more money than ever. Need to start selling drugs or something.
SAME
We purposefully bought under what we could afford to give us room incase COL continued to go up. Both of our cars are paid off at this point. We got our mortgage down by moving to another homeowner insurance provider and shopping around.
And while we're comfortable, we're seeing the same thing around us. It has to be people going into insane amounts of debt. I also wonder in 5 years how many folks are going to be foreclosed on.
Posted on 6/9/25 at 4:07 pm to RLDSC FAN
That's insane. And it also explains why you all have nicer metal than me.
Posted on 6/9/25 at 4:08 pm to RLDSC FAN
My note is about 900, but that covers 2 vehicles. Only got two payments left.
This post was edited on 6/9/25 at 4:09 pm
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