Monthly New Car Loan Payments Hit Record High Of Nearly $600

Loan payments for new cars escalated to record highs, closing in on $600 per month, CNBC reported on Thursday (March 4), citing data from the consumer credit reporting company Experian. Experian’s auto financing data is gleaned from the fourth quarter of 2020, which had a bump in new car sales. Borrowing for new vehicles averaged $35,228, about $2,000 more than in 2019, increasing the average monthly loan amount to $576. Used car loans also reached record highs, with people borrowing an average
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