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

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.

Read More: https://www.cnn.com/2022/08/25/cars/car-price-borrowing/index.html