The $1,000 Car-Loan Payment: Higher Prices, Interest Rates Push Up Monthly Costs

By News

Published 2 years ago on

July 11, 2022

Consumers have never paid more to finance their cars.

Monthly payments on loans given out in June to buy a new car averaged an all-time high of $686, according to car-shopping site Edmunds, whose data go back to 2005. That is up 4% from January and 13% above a year ago.

A growing share of people are paying much more. A record 12.7% of new-car buyers who signed up for a loan in June have a monthly payment of at least $1,000, according to Edmunds.

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