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What is the average car payment in America?
How much are car payments each month in America? I want to know what I should expect before I get a car loan. If the monthly payments are too expensive, I’ll need to wait until I’m in a more stable position financially. What is the average car payment in America?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As of November of 2021, the average car payment in America was $575 for a new car and $430 for a used car. However, the actual monthly cost of your car loan will depend on a lot of different factors, including:
- The term of your loan. Opting for a longer loan term can decrease your monthly payment since you’ll be spreading out the cost over a longer period of time.
- Your downpayment. The more money you put down, the less you’ll have to pay back later.
- Your APR. If you’re given a good APR on your loan, you’ll pay less in interest each month.
- The amount that you finance. Of course, a big factor in your monthly loan payments is the amount of money that you borrow. The more expensive your car is, the more your monthly payment will be.
If you’d like to save some money for your new car, check out the
Jerry
app. Jerry can help you find the best rates available on the car insurance coverage you need quickly and easily—no long forms or phone calls necessary. Download the app and answer some quick questions to see quotes customized for you.Hope that gives you an idea of what to expect from a car loan!
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- Gregory R.
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