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What’s the average car payment?
How much is the average monthly car payment for people in the US? I’m thinking about buying a new car and before I get too excited about it, I want to make sure that it’s within my budget.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great that you’re thinking practically about this. In the US, the average monthly car payment is $609 for new cars and $465 for used cars. However, there are a lot of factors that can influence your car payment prices, including:
- Your credit score
- The size of your downpayment
- The term length of your loan
If you get a
used car
with a long loan term, for example, you’ll have a lower monthly payment. However, you’ll also be hit with a higher interest rate, so you’ll pay more for your loan over time!Remember that there are other new car expenses—like car insurance. Check out the
Jerry
app to see a list of car insurance quotes that work for you in minutes. The average user saves $887 per year.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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