You've managed to buy the car, but can you afford to keep paying for it?
Along with soaring car prices, loan rates are the most expensive they've been in more than 15 years, with the average monthly payment on a new car at an all-time high,The result of the one-two punch of higher prices and interest rates is that it's taking Americans much longer to pay off their car loans — which include crossovers, SUVs and pickup trucks — and more buyers are being pushed out of the car market altogether.
High loan rates mean monthly payments are soaring as well. In March, the average monthly payment for financing a new car hit $730 — the highest on record, according to Edmunds. The average payment for financing a used car is now $556 per month, which is up a staggering $147 from June 2020. Rising car prices and the growing difficulty to qualify for lower interest rates have forced buyers to stomach a heftier monthly bill over a longer period of time — as long as seven years — for a lower down payment up front.
"The pressure is most extreme on the lower credit consumers, because not only are they dealing with the interest rate move and inflation and vehicle prices, but they may also pay a premium because their credit is not as good," Smoke said.
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