Friday, June 1, 2018

1st Quarter Auto Financing Trends: Latest Finance, Credit Score And Car Payments

For new and used car buyers in the market for a vehicle, we've got the latest data from Experian Automotive, a division of Experian credit, the latest car financing trends based on the first quarter of 2018.

New Car Stats

  • The average new vehicle loan: $31,455, up $921 from 2017
  • The average new vehicle monthly payment: $523, up $15 from 2017
  • The average new vehicle interest rate: 5.17%
  • The average new vehicle credit score: 716

Used Car Stats
  • The average used vehicle loan: $19,536 -- a new record since data has been gathered!
  • The average used vehicle credit score: 655

Late And Credit Challenged Borrowers
  • The percentage of 30-day delinquent loans: down 3.1% from 2017
  • The percentage of lenders underwriting loans to subprime and subprime car buyers have slid to 8.4% and 14.1%, respectively

Note: All comparisons are based upon the first quarter of 2017.

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