2019 Auto Loan Debt Facts
Recently published LendingTree auto loan statistics.
- Americans originated a record 2.5 million auto loans in July 2018, the most recent month for which data is available.
- Americans owed more than $1.14 trillion in auto loans as of September 2018, 23% more than 2013.
- Outstanding auto loan balances are rising about 3.1% a year in dollar amounts.
- Auto loans accounted for about 8% of outstanding consumer debt in 2018, including mortgages, about 2 percentage points higher than a decade earlier.
- Gen Xers carry the highest auto loan balances with a median of $18,741 and are the most likely of other age groups to have a car loan.
- The average new car loan originated by a finance company is $29,921.27, an increase of more than $5,000 from 10 years earlier.
monthly payments are rising, too:
* $530 for new vehicles, up 5% year over year
* $381 for used vehicles, up 4% *$430 for a new vehicle lease, up 4%
- The average auto loan term in the third quarter of 2018 was 68.5 months, a half-month increase from one earlier.
- 2.3% of outstanding auto debt is "seriously delinquent" (90 days or more).
View the full resource here