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1 In 5 New Car Buyers Took On $1,000+ Monthly Payments In Q4

Carscoops

Used car loans average $28,675 with more manageable $533 payments but sky-high 11% APRs. The average annual percentage rate (APR) on new vehicle loans fell to 6.8% in Q4 2023, a small consolation for those financing record-high amounts. New Car Finance Data (Averages) Metric 2024 Q4 2023 Q4 2024 Q3 Loan Term 68.8