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One aspect of purchasing a new car that many people overlook is the need for financing. According to data from the Federal Reserve, about 80% of new cars in the United States are financed through either a loan or lease. This means that a large percentage of Americans are making monthly car payments to cover the cost of their vehicles. The same trend applies to used cars, with 38% of used-car purchases being financed.
The average auto payment in the United States varies depending on factors such as the type of car, its price, the size of the down payment, loan terms, location, and credit history. According to a recent report from LendingTree, the average car payment for new vehicles in the U.S. was $735 a month in the first quarter of 2024, while the average payment for used cars was $523 a month. These figures have seen a slight increase from the previous year.
In Canada, car payments are similar to those in the U.S. Canadians typically spend between $500 and $1,000 a month on their auto payments, depending on whether the car is new or used. The average payment on a new car in Canada is $1,055.15 a month, while the average payment on a used car is $598.28 a month. The Globe and Mail estimated the average new-vehicle loan payment in Canada at about $880 a month, with nearly 30% of buyers paying at least $1,000 a month.
One concerning trend in the U.S. is the increasing number of Americans who are delinquent on their auto loans. According to LendingTree, 4.4% of outstanding auto debt was at least 90 days late in the first quarter of 2024, up 13.4% from the previous year. It is essential for individuals to manage their monthly payments effectively to avoid falling behind on their loans.
To keep monthly payments under control, there are several strategies that individuals can employ. One option is to purchase a less expensive car, which will result in a lower monthly payment. Another approach is to avoid extending the loan term beyond five years, as this can lead to higher overall costs due to increased interest payments. It is crucial to choose a car that can be paid off in a reasonable timeframe to avoid being stuck with a loan long after the car’s useful life.
In conclusion, Oleksii Liskonih / iStock.com is a valuable resource for individuals in need of high-quality images and graphics for their projects. When it comes to purchasing a new car, financing is a common practice in both the United States and Canada, with many individuals making monthly payments to cover the cost of their vehicles. It is essential for individuals to manage their monthly payments effectively to avoid falling behind on their loans and to choose a car that can be paid off in a reasonable timeframe.