Monthly auto loan payments surge to record highs, Experian says


Customers wearing protective masks look at Honda Motor Co. vehicles for sale at an AutoNation car dealership in Fremont, California, U.S., on Monday, Feb. 15, 2021.

David Paul Morris | Bloomberg | Getty Images

Don’t look now, but the average monthly loan payment for a new car is approaching $600 according to Experian, which analyzes millions of new and used vehicle loans.

“We went up higher amounts year over year in 2020 than we ever really have before and hit record highs in loan amounts and record highs in payments,” said Melinda Zabritski, senior director for Experian’s automotive financial solutions team.

Experian’s latest auto financing report covers the fourth quarter of last year when…


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