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Average auto loan payments: What to expect in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing relevant and impartial content. This allows users to conduct studies and compare data for no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other home lending products. This compensation, however, does not influence the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial deals that might be open to you. Image Source: Getty Images/Getty Images

4 minutes read Read Published March 07, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ins and outs of securely borrowing money to purchase cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to take control of their finances through providing precise, well-studied facts that break down complicated subjects into digestible pieces. The Bankrate promises

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At Bankrate we strive to help you make better financial choices. We adhere to the highest standards of editorial integrity ,

This post could contain references to products from our partners. Here’s an explanation for how we earn money . The Bankrate promise

Founded in 1976, Bankrate has a proven track history of helping people make informed financial decisions.

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans journalists and editors concentrate on the points consumers care about most — the various kinds of loans available, the best rates, the top lenders, ways to repay debt, and many more. So you’re able to be confident about investing your money. Editorial integrity

Bankrate follows a strict and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial choices. The key principles We respect your confidence. Our mission is to offer readers accurate and unbiased information. We have editorial standards in place to ensure this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you’re reading is accurate. We keep a barrier with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial staff writes in the name of YOU as the reader. Our aim is to provide you the most accurate advice to assist you in making smart financial decisions for your personal finances. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team receives no directly from advertisers, and our content is checked for accuracy to ensure its truthfulness. So when you read an article or a review you can be sure that you’re getting credible and reliable information. How we earn money

If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We continually strive to provide our readers with the professional guidance and tools required to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, which means that you can be sure that our content is honest and precise. Our award-winning editors and journalists produce honest and reliable content that will help you make the right financial choices. The content we create by our editorial staff is factual, objective and is not influenced from our advertising. We’re open about how we are able to bring quality information, competitive rates and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or through you clicking certain links posted on our website. This compensation could influence the manner, place and in what order products appear in listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home loan products. Other elements, like our own proprietary website rules and whether a product is available in the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. For many Americans the expense of is one of the biggest hits to their wallets each month, aside from the cost of housing. In the average, motorists are spending over $700 and $500 per month on used and new vehicles and trucks, respectively, as per Experian’s fourth quarter report . Insurance costs on average $2,014 annually according to . This hefty monthly expense is in addition to the increase everywhere from the supermarket to the shopping mall. So while the amount you pay to keep your vehicle on the road is dependent on a variety of variables including how good your credit is, what vehicle you choose and your loan period — they will continue to problems with supply and can add to the cost. So whether you have or are planning to take out your current loan it is essential to know the typical monthly payment and rates so you can feel confident that you are getting the best deal. Car payment statistics The average monthly car payment for brand new automobiles is $716. The monthly average car payment for used cars is $526. 39.5 percent of the vehicles that were purchased in the fourth quarter of 2022 were brand new vehicles. 60.5 of the vehicles that were financed during the fourth quarter of 2022 were brand new vehicles. For those who bought new vehicles by 2022 80.9 decided to borrow money for their vehicle, versus 85.3 percentage in 2021. Financing through credit unions accounted for about 30 percent of auto loans in the same time frame. The cost of insurance for cars is approximately $168 per month. The latest loan amounts are rising 4.04 per cent in the quarter ending in. Automobiles and SUVs increased the share of financing, reaching 60.7 percentage in 2022’s fourth quarter. All-in loan balances increased by 8.56 percent over the same time.

What is the cost of the cost of a downpayment on a vehicle? One option to cut down on the more expensive than usual vehicle expenses that result in expensive monthly payments is to put down the amount of . Down payment refers to the money you have, any value that comes from your vehicle trade-in or rebates. It will save you money before your financing even begins and improve your standing with lenders. A is at minimum 20 percent of an all-new vehicle and 10 if purchasing a used vehicle. In the quarter that ended in the fourth quarter of drivers put down $6,780 for new and $3,921 for used according to . Those buying new vehicles paid 30 percent more than in early 2021. What will my monthly car payment be? The average monthly car payment is determined by more than the cost of the vehicle. The amount you pay is determined by how much you are borrowing to finance the vehicle in order to pay off the loan’s principal, along with your interest rate and loan term. Average

New automobiles

Used cars

Monthly payment



Loan amount



Rate of interest



The term “loan”

69.44 months

68.01 months

Monthly car payments, up to the point that the alternative data movement catch up, they serve to be your personal financial DNA and gives lenders an indication of how risky it are to risk. If you’ve got strong credit history, you are likely to get offered higher rates that are competitive. For most, better rates translate to lower monthly installments. Credit score

New cars

Cars that are used

Source: Experian State of Automotive Finance Market fourth quarter 2022

781 to 850 (super prime)



661 to 780 (prime)



601-660 (nonprime)



501 to 600 (subprime)



300-500 (deep subprime)



Average car loan amount Over the past year, the cost of vehicles has increased each month. For January 20, 2023, pre-owned cars cost an average of $27,633 compared to new cars, $49,388 -up from one year ago. The price increases indicate that motorists were taking out more money to finance their vehicles. Credit score

New cars

Used cars

Source: Experian State of Automotive Finance Market fourth quarter 2022

781-850 (super prime)



661-780 (prime)



601 to 660 (nonprime)



501 to 600 (subprime)



300-500 (deep subprime)



The average auto loan rates The key to finding the most affordable rate is to compare different lenders. Explore online lenders along with more traditional options for banking before signing off. Credit score

New cars

Used cars

Source Experian State of Automotive Finance Market third quarter 2022

781 to 850 (super prime)



661 to 780 (prime)



601 to 660 (nonprime)



From 501 to 600 (subprime)



300-500 (deep subprime)



Average auto loan terms The majority of auto loans are offered in 12 month increments. The most popular terms are 24 to 60 months, but 72months and 84-month terms are becoming more frequent. There’s no one best term and each one is tailored to your budget and requirements. A lower monthly payment means lower costs but higher costs overall. Credit score

New automobiles

Used cars

Source: Experian State of Automotive Finance Market fourth quarter 2022

781 to 850 (super prime)



661 – 780 (prime)



601-660 (nonprime)



From 501 to 600 (subprime)



300 to 500 (deep subprime)



How to determine how much your car costs In addition to the monthly installment be sure to factor in additional expenses. These include common expenses like maintenance, insurance, and gas. However, you must also set aside funds for unexpected incidents — at the very minimum, enough to cover your deductible. To determine this amount ahead of signing off on a new vehicle, you will have to estimate. Beginning with maintenance on your vehicle using Edmunds’s method to calculate the average cost based on the vehicle you own. Next, add that number to expected insurance costs. While not every state has a requirement for it, the average motorist will need to be able to cover approximately $168 per month. From there, add the estimated cost of fuel. Calculate your car’s miles per gallon and your estimated monthly mileage along with average fuel costs in your region to arrive at the number. Also, consider the registration, fees and taxes you’ll have to pay, along with the . The bottom line is that even though the available rates for financing a vehicle are influenced by a variety of variables that are beyond your control There are still choices you can make that put you in the driver’s seat in the purchase of a car. Consider comparing different rates and button up your credit score in order to qualify for more competitive rates. This is crucial as consumers will be faced with high costs across all areas in the next year. The current interest rates are likely to make monthly payments more expensive therefore, be patient and think about how to cut costs in the .


The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances through providing clear, well-researched details that cut otherwise complicated topics into digestible pieces.

Auto loans editor

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