{"id":360234,"date":"2022-05-12T14:48:02","date_gmt":"2022-05-12T20:48:02","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=360234"},"modified":"2022-05-12T15:11:44","modified_gmt":"2022-05-12T21:11:44","slug":"auto-loan-statistics","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/auto-loan-statistics\/","title":{"rendered":"56 U.S. auto loan statistics to know in 2022"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"325\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5.png\" alt=\"56 U.S. auto loan statistics to know in 2022\" class=\"wp-image-362330\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5.png 975w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5-300x100.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5-600x200.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5-768x256.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5-450x150.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-5-900x300.png 900w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">Disclosure regarding our editorial content standards<\/a>.<\/p>\n\n\n\n<p><strong>Table of contents:&nbsp;<\/strong><\/p>\n\n\n\n<ul><li><a href=\"#takeaways\">Key takeaways<\/a><\/li><li><a href=\"#average\">Average monthly car payments<\/a><\/li><li><a href=\"#length\">Average car loan length<\/a><\/li><li><a href=\"#rates\">Auto loan rates<\/a><\/li><li><a href=\"#credit\">Auto loans by credit score<\/a><\/li><li><a href=\"#age\">Auto loans by age<\/a><\/li><\/ul>\n\n\n\n<p>Purchasing a car isn\u2019t cheap\u2014for many Americans, it\u2019s a significant expense that often comes with a heavy financial burden. But for most, access to a car is necessary to carrying out many of life\u2019s essential activities, such as getting to and from work and buying groceries.<\/p>\n\n\n\n<p>Car ownership requires most consumers to take on debt in order to afford such a hefty price tag. The past year has revealed that Americans are taking out more auto loans than ever, and while <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-101\/average-loan-interest-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates<\/a> have decreased, the overall cost of auto loans has risen. For a full picture of the most recent auto loan trends across the U.S. in 2022, take a look at the auto loan statistics below.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"429\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6.png\" alt=\"While interest rates have decreased, the overall cost of auto loans has risen.\" class=\"wp-image-362331\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6.png 975w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6-300x132.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6-600x264.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6-768x338.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6-450x198.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-6-900x396.png 900w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"takeaways\">Key takeaways<\/h2>\n\n\n\n<p>Auto loan debt is the third-largest component of household debt, following student loan debt and <a href=\"https:\/\/www.creditrepair.com\/blog\/mortgage-and-housing-information\/what-score-to-buy-a-house\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgages<\/a>. The amount Americans owe in auto loan debt has steadily grown at a rate of six percent over the past decade, and auto loan originations reached a record<a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2021\/20210803\" target=\"_blank\" rel=\"noreferrer noopener\"> $202 billion in the second quarter of 2021<\/a>. Overall, these statistics reveal how the auto loan bubble continues to grow.<\/p>\n\n\n\n<ol type=\"1\"><li>U.S. consumers owed a combined $1.44 trillion in auto loan balances in the third quarter of 2021. [<a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/li><li>The overall cost of auto loan debt in the U.S. increased 100 percent between 2011 and 2021. [<a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/li><li>Auto loan debt accounted for 9.4 percent of all consumer debt in 2021. <a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2020Q4.pdf\">[<\/a><a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/li><li>Auto loan balances increased by $28 billion in the third quarter of 2021. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/li><li>The average cost of a new car is more than $45,000 and over $29,000 for a used car. [<a href=\"https:\/\/www.cnbc.com\/2022\/01\/08\/new-and-used-car-prices-keep-climbing-dont-expect-relief-soon.html\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>]<\/li><li>24 percent of all new vehicles were leased in the third quarter of 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><li>The average loan term for a new car in 2021 was 69.47 months. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><li>The average cost to finance a new car was $39,071 at the end of 2021. [<a href=\"https:\/\/www.cnbc.com\/2022\/01\/08\/new-and-used-car-prices-keep-climbing-dont-expect-relief-soon.html\">C<\/a><a href=\"https:\/\/www.cnbc.com\/2022\/01\/08\/new-and-used-car-prices-keep-climbing-dont-expect-relief-soon.html\" target=\"_blank\" rel=\"noreferrer noopener\">N<\/a><a href=\"https:\/\/www.cnbc.com\/2022\/01\/08\/new-and-used-car-prices-keep-climbing-dont-expect-relief-soon.html\">BC<\/a>]<\/li><li>40.73 percent of new vehicle purchases were financed in the third quarter of 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><li>59.27 percent of all used vehicle purchases were financed in the third quarter of 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><li>Electric vehicles made up 2.25 percent of all new auto financing in 2020. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><li>Hybrid vehicles made up 4.47 percent of all new auto financing in 2020.[<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-total-auto-loan-debt-in-the-u-s\">Total Auto Loan Debt in the U.S.<\/h4>\n\n\n\n<table style=\"width: 100%; margin-right: 20px; margin-bottom: 20px;\">\n        <thead style=\"background: #007cba; text-align: center;\">\n            <tr>\n                <th colspan=\"4\" style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69; border-bottom: 1px solid white;\">Total auto loan debt in the United States<\/th>\n            <\/tr>\n            <tr>\n                <th style=\"color: #fff;padding: 20px;width: 195px; font-weight: bold; border: 1px solid #007cba69; border-right: 1px solid white;\"><\/th>\n                <th style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69;\">2020<\/th>\n              <th style=\"color: #fff;padding: 20px;width: 195px; font-weight: bold; border: 1px solid #007cba69; border-right: 1px solid white;\">2021<\/th>\n              <th style=\"color: #fff;padding: 20px;width: 195px; font-weight: bold; border: 1px solid #007cba69; border-right: 1px solid white;\">Annual change<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Total loan balance<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$1.36 trillion<\/td>\n                 <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$1.44 trillion<\/td>\n                 <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">+$80 billion (6%)<\/td>\n            <\/tr>                \n        <\/tbody>\n    <\/table>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2020\/20201117\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>, <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/auto-loan-debt-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average monthly car payments<\/h2>\n\n\n\n<p>Even with today\u2019s lower interest rates and longer loan terms for vehicle financing, the overall cost of auto loans has increased. The average monthly payment for a car is $609 for a new vehicle, $465 for a used vehicle and $497 for a leased vehicle.<\/p>\n\n\n\n<p>13. The average monthly car payment for all vehicles was $645 in the third quarter of 2021, compared to $530 in 2019. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>14. The average monthly car payment for a standard gas-fueled vehicle is $524. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>15. The average monthly car payment for a diesel-fueled vehicle is $860. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>16. The average monthly car payment for a hybrid vehicle is $529. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>17. The average monthly car payment for an electric vehicle is $689. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"706\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd.png\" alt=\"The average monthly payment for a car\" class=\"wp-image-362332\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd.png 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-300x141.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-600x282.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-768x361.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-450x212.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-900x424.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/11\/dd-1400x659.png 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"length\">Average car loan length<\/a><\/h2>\n\n\n\n<p>Auto loan terms steadily increased in the lower consumer credit categories in 2021 while prime and super prime borrowers experienced shorter terms than in the previous year.<\/p>\n\n\n\n<p>18. The average auto loan term for all vehicles was 63.94 months for super prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>19. The average auto loan term for all vehicles was 70.97 months for prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>20. The average auto loan term for all vehicles was 74.13 months for near prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>21. The average auto loan term for all vehicles was 73.50 months for subprime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>22. The average auto loan term for all vehicles was 72.19 months for deep subprime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"rates\">Auto loan rates<\/a><\/h2>\n\n\n\n<p>While average <a href=\"https:\/\/www.creditrepair.com\/education\/scores\/auto-loan-rates-by-credit-score\">auto loan interest rates<\/a> have declined over the last few years, the average size of the loan has steadily increased in the same period of time.<\/p>\n\n\n\n<p>23. Borrowers with high credit scores had an average APR of 7.88 percent in 2021. [<a href=\"https:\/\/cars.usnews.com\/cars-trucks\/average-auto-loan-interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. News<\/a>]<\/p>\n\n\n\n<p>24. Borrowers with low credit scores had an average APR of 16.18 percent in 2021. [<a href=\"https:\/\/cars.usnews.com\/cars-trucks\/average-auto-loan-interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. News<\/a>]<\/p>\n\n\n\n<p>25. Car loan interest rates were under four percent in December 2021. [<a href=\"https:\/\/www.statista.com\/statistics\/290673\/auto-loan-rates-usa\/\" target=\"_blank\" rel=\"noreferrer noopener\">Statista<\/a>]<\/p>\n\n\n\n<p>26. Interest rates on five-year car loans have steadily fallen since reaching a high of 4.96 percent in 2018. [<a href=\"https:\/\/www.statista.com\/statistics\/290673\/auto-loan-rates-usa\/\" target=\"_blank\" rel=\"noreferrer noopener\">Statista<\/a>]<\/p>\n\n\n\n<p>27. The average cost for a new auto loan increased by 8.55 percent between 2020 and 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>28. The average cost of an auto loan was $37,280 in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>29. The average cost of an auto loan was $32,575 in 2019. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>30. The average cost of an auto loan was $34,682 in 2020. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>31. The average auto loan rate was 4.05 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>32. The average auto loan rate was 4.23 percent in 2020. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>33. The average auto loan rate was 5.28 percent in 2019. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"773\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7.png\" alt=\"Auto loan ca\" class=\"wp-image-362333\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7.png 975w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-300x238.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-505x400.png 505w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-768x609.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-450x357.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-600x476.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-7-900x714.png 900w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"credit\">Auto loans by credit score<\/a><\/h2>\n\n\n\n<p>Lenders have varying criteria for how they measure a credit score, and one category <a href=\"https:\/\/www.creditrepair.com\/education\/scores\/range\" target=\"_blank\" rel=\"noreferrer noopener\">measures your score<\/a> based on your likelihood of approval for <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-101\/7-easy-ways-to-build-credit-without-a-credit-card\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit cards<\/a> and loans, including auto loans. This designation is known as prime vs. subprime\u2014subprime encompasses bad, fair or poor credit, and prime covers good to excellent credit. Here\u2019s a breakdown of these credit score groups:<\/p>\n\n\n\n<ul><li>Deep subprime: 300\u2013500<\/li><li>Subprime: 501\u2013600<\/li><li>Nonprime: 601\u2013660<\/li><li>Prime: 661\u2013780<\/li><li>Super prime: 781\u2013850<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"702\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8.png\" alt=\"2021 auto loan rates by credit score\" class=\"wp-image-362334\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8.png 975w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-300x216.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-556x400.png 556w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-768x553.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-450x324.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-600x432.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2022\/05\/image-8-900x648.png 900w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<p>Consumers with prime and super prime credit ranges accounted for the majority of total auto financing in 2021, while subprime and deep subprime groups saw a decrease in new auto financing. Auto financing for subprime consumers declined at a faster pace in 2021 than in previous years, which might be attributed to the impact of COVID-19 on this consumer category.<\/p>\n\n\n\n<p>34. Consumers who purchased new vehicles in 2021 had an average credit score of 733. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>35. Consumers who purchased used vehicles in 2021 had an average credit score of 675. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>36. The credit score of consumers who purchased a new vehicle in 2021 was one point higher on average than those who purchased a new vehicle in 2020. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>37. The credit score of consumers who purchased a used vehicle in 2021 was nine points higher on average than those who purchased a used vehicle in 2020. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>38. The average loan rate for super prime consumers was 2.58 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>39. The average loan rate for prime consumers was 3.64 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>40. The average loan rate for near prime consumers was 6.32 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>41. The average loan rate for subprime consumers was 9.92 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>42. The average loan rate for deep subprime consumers was 12.99 percent in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>43. 19.7 percent of total auto financing was attributed to super prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>44. 46.66 percent of total auto financing was attributed to prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>45. 18.4 percent of total auto financing was attributed to near prime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>46. 13.66 percent of total auto financing was attributed to subprime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\">Exp<\/a><a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">e<\/a><a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\">rian<\/a>]<\/p>\n\n\n\n<p>47. 1.58 percent of total auto financing was attributed to deep subprime consumers in 2021. [<a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>48. Electric vehicles have purchasers with the highest credit scores out of all fuel types. [<a href=\"https:\/\/www.experian.com\/content\/dam\/marketing\/na\/automotive\/quarterly-webinars\/credit-trends\/2020-quarterly-trends\/v2-2020-q4-state-automotive-market.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-individual-auto-loan-debt-by-credit-score\">Individual Auto Loan Debt by Credit Score<\/h4>\n\n\n\n<p><span class=\"has-inline-color has-white-color\">test<\/span><\/p>\n\n\n\n<table style=\"width: 100%; margin-right: 20px; margin-bottom: 20px;\">\n        <thead style=\"background: #007cba; text-align: center;\">\n            <tr>\n                <th colspan=\"2\" style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69; border-bottom: 1px solid white;\">Auto loan debt by credit score<\/th>\n            <\/tr>\n            <tr>\n                <th style=\"color: #fff;padding: 20px;width: 195px; font-weight: bold; border: 1px solid #007cba69; border-right: 1px solid white;\">Credit score<\/th>\n                <th style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69;\">Average auto loan debt<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">300\u2013579: Very poor<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$28,252<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">580\u2013669: Fair<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$35,092<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">670\u2013739: Good<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$39,310<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">740\u2013799: Very good<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$38,896<\/td>\n            <\/tr> \n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">800\u2013850: Exceptional<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$33,915<\/td>\n            <\/tr>                  \n        <\/tbody>\n    <\/table>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.experian.com\/content\/dam\/noindex\/na\/us\/automotive\/finance-trends\/2021\/q3-2021-safm.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"age\">Auto loans by age<\/a><\/h2>\n\n\n\n<p>Similar to other types of debt, the youngest adult consumers have historically seen the biggest increases in auto loans year over year. For example, generation Z (ages 18\u201323) saw an increase in auto debt by 12 percent in 2020. That\u2019s nearly six times as much as the silent generation (ages 75\u201393). [<a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/auto-loan-debt-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/p>\n\n\n\n<p>49. Generation Xers are the most likely to have an auto loan. [<a href=\"https:\/\/books.google.com\/books?id=OBDxDwAAQBAJ&amp;pg=SA1-PA39&amp;lpg=SA1-PA39&amp;dq=The+average+loan+term+is+69+months+for+new+cars,+35+months+for+used+and+37+months+for+leased+vehicles.&amp;source=bl&amp;ots=hRLPo6Wq88&amp;sig=ACfU3U2YqOzvNH1giWa8Df334PlnSR3J2g&amp;hl=en&amp;sa=X&amp;ved#v=onepage&amp;q=The%20average%20loan%20term%20is%2069%20months%20for%20new%20cars%2C%2035%20months%20for%20used%20and%2037%20months%20for%20leased%20vehicles.&amp;f=false\" target=\"_blank\" rel=\"noreferrer noopener\">Annual Update for Controllers<\/a>]<\/p>\n\n\n\n<p>50. Gen X carries the highest auto loan balance, with a median of $19,313. [<a href=\"https:\/\/books.google.com\/books?id=OBDxDwAAQBAJ&amp;pg=SA1-PA39&amp;lpg=SA1-PA39&amp;dq=The+average+loan+term+is+69+months+for+new+cars,+35+months+for+used+and+37+months+for+leased+vehicles.&amp;source=bl&amp;ots=hRLPo6Wq88&amp;sig=ACfU3U2YqOzvNH1giWa8Df334PlnSR3J2g&amp;hl=en&amp;sa=X&amp;ved#v=onepage&amp;q=The%20average%20loan%20term%20is%2069%20months%20for%20new%20cars%2C%2035%20months%20for%20used%20and%2037%20months%20for%20leased%20vehicles.&amp;f=false\" target=\"_blank\" rel=\"noreferrer noopener\">Annual Update for Controllers<\/a>]<\/p>\n\n\n\n<p>51. Auto loans made up roughly 18 percent of the total consumer debt for 18- to 29-year-olds in 2021\u2014higher than any other age group. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<p>52. Auto loans made up roughly 10 percent of the total consumer debt for 30- to 39-year-olds in 2021. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<p>53. Auto loans made up roughly 9 percent of the total consumer debt for the 40\u201349, 50\u201359 and 60\u201369 age groups in 2021. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<p>54. Roughly 2.9 percent of the combined auto loan balance for borrowers between the ages of 18 to 29 transitioned into serious delinquency (90 or more days late) in 2021. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<p>55. Roughly 2 percent of the combined auto loan balance for borrowers between the ages of 30 to 39 transitioned into serious delinquency in 2021. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<p>56. Borrowers between the ages of 50 and 59 saw the lowest amount of loan transitions to serious delinquency in 2021 at just below 1 percent. [<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2021Q3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New York Federal Reserve<\/a>]<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-auto-loan-debt-by-generation\">Auto Loan Debt by Generation <\/h4>\n\n\n\n<table style=\"width: 100%; margin-right: 20px; margin-bottom: 20px;\">\n        <thead style=\"background: #007cba; text-align: center;\">\n            <tr>\n                <th colspan=\"2\" style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69; border-bottom: 1px solid white;\">Auto loan debt by generation<\/th>\n            <\/tr>\n            <tr>\n                <th style=\"color: #fff;padding: 20px;width: 195px; font-weight: bold; border: 1px solid #007cba69; border-right: 1px solid white;\">Generation<\/th>\n                <th style=\"color: #fff;width: 330px;padding: 20px; font-weight: bold; border: 1px solid #007cba69;\">Average auto loan debt<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Generation Z (18\u201323)<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$15,943<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Millenials (24\u201339)<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$19,268<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Generation X (40\u201355)<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$22,512<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Baby Boomers (56\u201374)<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$19,377<\/td>\n            <\/tr> \n            <tr>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; font-weight: bold; text-align: center;\">Silent Generation (75+)<\/td>\n                <td style=\"padding: 20px; border: 1px solid #007cba69; text-align: center;\">$14,760<\/td>\n            <\/tr>                  \n        <\/tbody>\n    <\/table>\n\n\n\n<p>Source: <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/auto-loan-debt-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a><\/p>\n\n\n\n<p>While the current state of auto loan debt has nearly doubled in the last decade, 2021 showed a more modest increase compared to other types of household debt. Even so, automobile spending will likely continue to steadily increase in 2022, with the majority of new and used cars being purchased in the form of a loan.<\/p>\n\n\n\n<p>From a long-term perspective, it\u2019s safe to say that auto loan prices will likely fluctuate along with the U.S. economy. <a href=\"https:\/\/www.creditrepair.com\/education\/scores\/what-is-a-good-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">The higher your credit score<\/a> the more likely you are to secure better loan rates and terms and ultimately save money in the long run. If you\u2019re struggling with a poor credit score, you don\u2019t have to figure it out alone\u2014contact the professionals at <a href=\"https:\/\/www.creditrepair.com\/fix-my-credit\" target=\"_blank\" rel=\"noreferrer noopener\">CreditRepair<\/a>.com for expertise on how you can work on your credit.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><a href=\"https:\/\/creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">Note: <\/a> The information provided on CreditRepair.com does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a car isn\u2019t cheap\u2014for many Americans, it\u2019s a significant expense that often implies a heavy financial burden.<\/p>\n","protected":false},"author":74,"featured_media":362335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>56 U.S. Auto Loan Statistics to Know in 2022 | CreditRepair.com<\/title>\n<meta name=\"description\" content=\"Auto loan debt is on the rise, and Americans are now spending more on their cars than ever\u2014read these auto loan statistics to find out why.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.creditrepair.com\/blog\/finance\/auto-loan-statistics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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