Home » World News » Monthly car payments near $600 as SUV and truck sales surge: Experian
Monthly car payments near $600 as SUV and truck sales surge: Experian
Fox Business Flash top headlines for March 4
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
The average monthly car loan payments are on the rise, surging upwards of $600, as an increasing number of consumers switch back to financing new vehicles, according to Experian’s latest auto financing report.
CLICK HERE TO READ MORE ON FOX BUSINESS
During the last three months of the 2020 fiscal year, consumers borrowed almost $2,000 more for new vehicles, spending on average $35,228, according to Experian’s State of the Automotive Finance Market report.
This pushed their monthly bill from about $13 to upwards of $576 during that period, according to Experian.
“The events of 2020 disrupted the automotive industry and we’ve seen some consumers shift away from patterns that have been cemented over previous quarters such as opting for used vehicles,” Experian senior director of automotive financial solutions Melinda Zabritski, said.
This change can be attributed in part to "stimulus checks, carry-over incentives and tight inventory," Zabritski added.