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New Record ‘Average’ Car Payment $702/Month, Six Years

At a glance

  • If you can find a new car, the average auto loan is for 70.4 months (less than two months shy of six years) and monthly payments have climbed past $700 for the first time ever, according to new data from Edmunds.
  • Higher interest rates for auto loans: The average is about 5.5%, up from 4.5% a year ago, Edmunds data shows. That rate could tick higher, given that the Federal Reserve is expected next month to again raise a key interest rate that many consumer loans derive from.

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