Home Personal Finance Used Auto Loan Payments Have Topped a Key Level

Used Auto Loan Payments Have Topped a Key Level

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Buying a used car is still expensive Supply chain Bottlenecks eased, pushing the average loan amount to $28,506.

According to credit scoring company Experian, consumers still rely heavily on financing to buy a car, with average loan amounts up 8.59% year-over-year.

However, there are some bright spots.

“Used car prices have risen at an alarming rate since the start of the inventory shortage, and the momentum appears to be slowing, which bodes well for consumers looking to buy a car. .” Experian. “Average loan amounts and monthly payments continue to rise, but there are many factors, including rising interest rates.”

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