How Much Is The Average Car Payment In America? Plus 21 Auto Loan Statistics For 2022!

Written By Licensed Agent Sa ElJanuary 25, 2022

Did you know that the typical automobile loan payment in the United States is more than $550 per month, and that total auto loan debt in the country has reached more than $1.1 trillion? But it's not only the monthly payment that drains our finances; new automobiles quickly depreciate by 20% or more after they're driven off the lot.  We'll look at the cost of the typical automobile payment in the United States for both new and used vehicles as well as other auto facts in this blog post.

Top Auto Loan Statistics In The United States:

  • The average monthly automobile payment in the United States is $575 for a new car.
  • $430 is the typical monthly automobile payment in the United States for a used vehicle.
  • Consumers in the United States borrow $34,635 on average for new automobiles.
  • Consumers borrow an average of $21,500 for used automobiles.
  • $1.18 Trillion is the total amount of automobile financing outstanding in the United States.

Average Car Payments In The United States

How Much Is The Average Car Payment In America?

The average monthly vehicle payment in the United States is $575 for new cars and $430 for used cars as of 2021. 

What Is The Average New Car Payment In The U.S.?

The average monthly cost in the United States for new automobiles is $550.

What Is The Average Used Car Payment In America? 

The average cost of a used automobile in the United States is $393 per month.

What Percentage Of Cars On The Road Are Paid For? 

According to recent automotive loan data, the majority of new automobiles on the road right now have been financed through a lease or a loan - 85%, which is similar to previous years. However, more used cars were financed: 55.5% compared to 54% in 2018.

Average Monthly Auto Loan Payments By State

The state of Louisiana has the highest average monthly auto loan payment of $596 per month for a new car and New Hampshire has the the lowest monthly auto payment for a new car at $487 per month.  The state of Louisiana also has the highest auto payment for used cars at $393 per month and Montana has the lowest auto payments for used cars at around $289 per month.


New Car (Monthly Payment)

Used Car (Monthly Payment)

























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New Hampshire



New Jersey



New Mexico



New York



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Rhode Island



South Carolina



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West Virginia









American Auto Debt Statistics (2022)

How Much Do Americans Owe In Auto Loan Debt?  

At the start of 2020, automobile loan debt in the United States reached $1.18 trillion.

How Much Debt Do Americans Take Out On Auto Loans Per Month?

Every month, more than 2 million Americans take out new automobile loans worth around $56 billion.

What Is The Average Loan Amount For New Vehicles In America?  

On average, consumers borrow $34,635 for a new automobile.

What Is The Average Loan Length For New Cars In America?

The average loan term for new automobiles is 69 months, and according to studies, 4.5 percent of outstanding automobile debt is 90 days late, while 7% is 30 days past due.

What Is The Average Loan Amount For Used Cars In America?

Consumers borrow about $21,500 for used vehicles.

What Is The Average Loan Length For Used Cars In America?

Used automobiles generally have a loan duration of 35 months.

Car Lease Statistics In America

What Is The Average Leased Vehicle Payment In The United States?

The average monthly cost of a leased vehicle in the United States is $452.

What Is The Average Loan Length For Leased Cars In America?

The average loan length on a leased vehicle is 37 months in the U.S. 

What Percentage Of Cars On The Road Are Leased?

In 2020, the percentage of all new cars sold on lease fell to 27%, down from 31% in 2019. Lease payments have increased for nearly all customers, with the exception of those in the prime and super-prime categories, who saw their lease payments decrease in 2020.

Key Statistics:

  • When compared to monthly automobile loan payments, monthly leasing rates are about $97 lower.
  • In the United States, leasing accounted for 29.1% of all new vehicles sold

General Car Loan Statistics In America

What Generation Has the Highest Auto Loan Debt?  

Generation X has the highest probability of taking out a vehicle loan and paying the most in debt, with an average of $19,313.

How Much Is The Average Car Interest Rate (APR)?

The average annual percentage rate for auto loans in 2019 was 8.06%. On a yearly basis, this proportion varied from 5.66% for customers with excellent credit to 21.54% for customers with bad credit.

Key Statistics:

  • In the United States, baby boomers are the demographic most likely to acquire a new vehicle.
  • Despite the fact that only 9.28 percent of America's credit is devoted to automobile loans, 85% of new non-commercial vehicles are purchased in the United States.
  • According to the Federal Reserve Bank of New York, it appears that approximately 7 million Americans are at least 90 days late in paying their automobile loans.
  • The silent generation, which has 8.3 percent of the market share, and Gen Z purchasers, who have 2.8 percent of the market share, are the populations that account for the lowest number of new vehicle yearly registrations.

Concluding Thoughts

Taking Action

Car payments are on the rise in the United States. The average car payment in America has gone up to $575 per month, with some people even paying more than that!

This means that lowering other bills like your car insurance is critical if you want to pay your vehicle loan off much faster. And while $1.18 Trillion in auto loan debt is a big and scary number I think over time we will be able to tackle this debt.


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