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Get some perspective on your auto goals by analyzing the budget others are advocating for transportation. Today, many pundits consider the car to be a consumer’s biggest high-tech device. With voice-enabled navigation, communication and entertainment options standard, really, we have to agree. Then, too, technological advances like near-automated steering and emergency stop assistance (should driver lose consciousness) are making cars safer. With all of these dream features, higher price tags follow.
To ensure drivers get into these space-age vehicles, the car and car loan industries are adapting with better deals and longer loan terms. If you haven’t bought a car for a while, knowing industry averages will help guide your decisions.
Experian’s analysis of 4.7 million auto loans reveals that the average American car payment is $523 per month. Buyers of new cars, trucks and SUVs borrow an average of $31,453 to get their new rides onto their driveways. The average length of a car loan is five years and nine months, not too far away from the typical five-year term, but revealing that people are taking out longer term loans as mentioned above.
Today, many new and used car buyers are getting their loans online before heading to the dealership. After all, with the loan issues taken care of, buyers can better negotiate car price. They also have the confidence to walk off the dealer lot when they are qualified for financing. Car shop on your terms when you secure your auto loan through A+ rated First Financial.
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