In the first, nearly 65% of those consumers signed up for an average loan-term range of 67 months and 84 months.Of the consumers who agreed to a $1,000 or more monthly payment, there are two groups, Edmunds said: The finding was that "not all four-figure auto loans look the same." Still, paying that much for a new car is not a good idea for long-term finances, personal finance experts said. That compares with the year-earlier quarter of $40,602.Įdmunds' Drury and its other analysts looked deeper into the rise in consumers willing to pay $1,000-plus in new-vehicle monthly payments. The average amount financed dropped slightly from a year earlier but remained above $40,000 for the fifth straight quarter at $40,356.But in the year-earlier period, it was 5%, making 7.1% the highest APR since the fourth quarter in 2007. The average APR ticked up a tenth of a percentage point to 7.1% from the first quarter.That compares with $730 in the first quarter and $678 in the second quarter a year earlier. Average monthly payments reached a new record high of $733. ![]() In the second quarter of 2019, before the COVID pandemic and the chips shortage, it was 4.3%.
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