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Americans are borrowing at record levels to pay for their expensive cars

Updated: Aug 27, 2022

U.S. consumers are responding to surging prices for new cars and trucks by going deeper into debt, pushing the average new vehicle loan to a record-high $40,290 during the second quarter, credit monitoring company Experian said Thursday.

The average monthly payment for a new vehicle loan rose to $667 in the second quarter, up nearly 15% from a year earlier, Experian said in its latest report on the automotive finance market. The average amount borrowed rose 13.2%, Experian said.

The length of the average new vehicle loan stayed flat in the second quarter compared to a year ago at just over 69 months.

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