New car loans at finance companies in the United States had, on average, a loan term of 66 months in the first quarter of 2024. 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 1st quarter 2024
(in months)
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St. Louis Fed. (June 27, 2024). Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 1st quarter 2024 (in months) [Graph]. In Statista. Retrieved October 31, 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 1st quarter 2024 (in months)." Chart. June 27, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
St. Louis Fed. (2024). Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 1st quarter 2024 (in months). Statista. Statista Inc.. Accessed: October 31, 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 1st Quarter 2024 (in Months)." Statista, Statista Inc., 27 Jun 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 1st quarter 2024 (in months) Statista, https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/ (last visited October 31, 2024)
Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 1st quarter 2024 (in months) [Graph], St. Louis Fed, June 27, 2024. [Online]. Available: https://www.statista.com/statistics/1342149/average-maturity-of-new-car-loans-in-the-us/
