Smart Borrower Blog

Archive for the ‘Used Car Loans’ Category

First-Quarter Auto Payments Hit New All-time High

Jun 10th, 2020 @ 3:33 PM by Amber Nelson

Before the coronavirus spread completely to the U.S., auto loan totals and monthly payments reached new record highs in the 2020 first quarter, according to data from Experian. The average total new vehicle loan rose to $33,739 with an average monthly payment of $560. Used car loans also hit new highs with the total loan […]

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Coronavirus Tanks Auto Sales

Apr 9th, 2020 @ 10:33 AM by Amber Nelson

Total U.S. car sales in March hit their lowest level in nearly a decade, according to Standard & Poor’s, another financial victim of the coronavirus shutdowns across the country. Sales fell 32% from February as many dealership showrooms were temporarily closed and most states were put on stay-at-home orders. The last week of March showed […]

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Average Car Loan Amounts at New Record Highs

Dec 12th, 2019 @ 1:53 PM by Amber Nelson

Americans are paying more than ever before for new and used vehicles, according to Experian PLC, a result of pricier tech features in new cars. In the third quarter, the average amount for a new-vehicle loan jumped 5% in the past year to $32,480 while the average used-car loan rose 3% to $20,466. Total U.S. […]

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Average Car Loan Term Tops 69 Months

Oct 24th, 2019 @ 12:49 PM by Amber Nelson

U.S. auto prices are rising, pushing car loan terms to new limits, according to credit reporting bureau Experian. The average loan for a new car grew to $32,119 in the 2019 second quarter, an increase of about 33% over the past ten years. The average loan for a used car increased to $20,156. Total U.S. […]

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Q2 Auto Loan Debt Hits Record $1.3 Trillion

Aug 21st, 2019 @ 2:39 PM by Amber Nelson

Americans now owe $1.3 trillion in auto loan debt, according to data from the Federal Reserve, a record high and a 4.8% increase from one year ago. The Fed’s Quarterly Report on Household Debt and Credit found that during the 2019 second quarter, new auto loans and leases increased by 2.9% for a total of […]

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Prime Credit Consumers Turn to Used Vehicles

Jun 27th, 2019 @ 9:16 AM by Amber Nelson

As prices for new vehicles continue to hit record highs, U.S. consumers with great credit are choosing to buy used cars more often. According to data from credit agency Experian, during the first quarter of 2019, 61.8% of borrowers with prime credit and 44.7% of those with super prime credit scores took out loans for […]

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Auto Lenders Take on More Subprime Borrowers

May 23rd, 2019 @ 12:13 PM by Amber Nelson

While the majority of car loan borrowers continue to have high credit scores, lenders have increased their loans to subprime borrowers over the past year, according to the Federal Reserve Bank of New York. The New York Fed’s Quarterly Report on Household Debt and Credit for the 2019 first quarter found that those with credit […]

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Monthly Car Loan Payments Reach Record High

Jan 2nd, 2019 @ 10:55 PM by Amber Nelson

Consumers are paying more and more for their cars each month, according to data from Experian Automotive, and auto lenders are starting to feel the risks of those higher payments. The average monthly loan payment for a new-vehicle rose to an all-time high of $530 in the 2018 third quarter, a 6% increase from the […]

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Subprime Auto Lending Grew in 3rd Quarter

Nov 21st, 2018 @ 2:07 PM by Amber Nelson

Originations of auto loans among borrowers with poor credit rose in the 2018 third quarter for the first time in over two years, according to the Federal Reserve Bank of New York. The New York Fed’s “Household Debt and Credit Report found that total new subprime – those with credit scores below 620 – auto […]

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Truck Popularity Pushes Average Loan Terms to New Highs

May 2nd, 2018 @ 8:25 PM by Amber Nelson

U.S. consumers love their trucks and SUVs – and lenders are having to get creative again with financing in order to satisfy demand. According to consumer credit company Experian, the average loan term for truck and SUV purchases has grown to record levels. The Ram truck brand, owned by Fiat Chrysler Automobile NV, had the […]

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