Average Car Loan Length 2024. Car payments average $726 for new cars and $533 for used cars, but what you owe every month is based on your loan terms. 39.20 percent of vehicles financed in the third quarter of 2023 were new vehicles.
Auto loan terms usually range from 24 to 84 months but sometimes extend beyond that. See rates for new and used car loans and find auto loan refinance rates from lenders.
39.20 Percent Of Vehicles Financed In The Third Quarter Of 2023 Were New Vehicles.
This is a 17% increase since the last quarter of 2020 [3].
The Average Amount Financed For New Car Loans As Of Q4 2022 Was $41,445.
In the last few years, the average auto loan length has increased.
Longer Terms Often Come With Lower Monthly Car Loan.
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The Average Car Loan Term Is Close To Six Years, But A Wide Range Of Terms Are Available.
The average car payment for new vehicles was $726 in the third quarter of 2023, a 3.6% increase from the third quarter of 2022.
Here’s What To Expect In 2024.
Auto loan terms usually range from 24 to 84 months but sometimes extend beyond that.
