Loan amounts for new vehicles reach all-time high
The average loan amount for a new vehicle in the fourth quarter of 2014 reached a record high of $28,381, according to Experian. Thatês more than $950 higher than a year ago. The average monthly payment also hit a record, $482. But the average credit score dropped slightly, to 712.
In most parts of the country, vehicles are viewed as a necessity to everyday life, which is why we continue to see consumers willing to take out larger loans as the average price of vehicles continues to rise, said Melinda Zabritski, Experianês senior director of automotive finance.
The amount of the average used-car loan also increased, to $18,411. The average credit score for used-car buyers increased by 2 points to reach 648.
Leasing continued to increase, by 3.6 percent to nearly 30 percent of new vehicles financed in the fourth quarter. The average monthly lease payment decreased slightly to reach $408.Download Bulletin PDF