New car loans at finance companies in the United States had, on average, a loan term of over 65 months in the second quarter of 2023. These figures peaked in the second quarter of 2020. At that time, the average borrower of credit for new automobiles needed to make monthly payments for 71 months. After that, their debt would have been paid off. The monthly payment for used car loans was lower than for new cars.
Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023
(in months)
Characteristic
Average maturity in months
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St. Louis Fed. (September 26, 2023). Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
St. Louis Fed. "Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months)." Chart. September 26, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
St. Louis Fed. (2023). Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
St. Louis Fed. "Average Maturity of New Car Loans at Finance Companies in The United States from 1st Quarter 2011 to 2nd Quarter 2023 (in Months)." Statista, Statista Inc., 26 Sep 2023, https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
St. Louis Fed, Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months) Statista, https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/ (last visited July 22, 2024)
Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months) [Graph], St. Louis Fed, September 26, 2023. [Online]. Available: https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/