New Data Shows Delinquencies Remain Low Amid Rising Average Vehicle Loan Amounts

Key Facts

• According to Experian’s latest State of the Automotive Finance Market report, the average new vehicle loan amount increased 8.5% year-over-year, increasing to $37,280 in Q3 2021, from $34,682 in Q3 2020.
• Similarly, average monthly payments increased, reaching $609 for new vehicle loans in Q3 2021, up from $565 in Q3 2020, and $465 for used vehicle loans, an increase from $401 over the same time frame.
• In Q3 2021, the average interest rate for a new vehicle loan decreased to 4.05%, from 4.23% in Q3 2020.
• • Honda holds the largest market share of leased vehicles in Q3 2021, at 12.38%, followed by Toyota (10.64%) and Ford (6.19%). * The average credit score for a used vehicle loan increased nine points, from 666 in Q3 2020 to 675 in Q3 2021; the average credit score for a new vehicle loan increased one point year-over-year, reaching 733.

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