The average used car loan rate is now double most new car loans…and neither is affordable
As of Q2 2024, the average used car loan rate is a smarting 12.01%. The post The average used car loan rate is now double most new car loans…and neither is affordable appeared first on MotorBiscuit.
Auto Loans Surpass Student Loans As Second-Highest Household Debt
Auto loan debt is increasing, accounting for nine percent of all household debt. Car debt is now second only to mortgages. The average new car price is currently $47,870. It's no secret that cars, whether new or used, are more expensive than ever. Consequently, there's more debt tied up in auto loans. A new report from Financial Times gives us a fresh perspective on how extreme that debt has become.
Many Americans Are Car Poor From Their Auto Loans
Many Americans are car poor. A recent Edmunds report found a disturbing trend: An increasing number of consumers with auto loans had negative equity, meaning they owe more on their vehicle than it’s worth — a lot more. As of the third quarter that ended Sept. 30, Edmunds...