Brief
US new‑car loan payments climb to near $800 a month
Edmunds reports average new‑car loan payments rose to $787, with 21% of owners paying $1,000 or more.
By Felo News Desk · Published
The average monthly payment for a new car loan in the United States reached $787 from April to June, the highest on record, Edmunds said.
That figure surpasses the previous peak of $777 set earlier in 2026. The data also show that 21% of car owners now pay at least $1,000 a month for a new or used vehicle.
Edmunds noted the average price of a new car is $44,664, driving larger loan amounts. A record 25.5% of new‑car buyers financed with 84‑month loans, and consumers are paying an average of $9,938 in interest over the life of the loan.
Edmunds Director of Insights Ivan Drury warned that longer terms can trap shoppers in costly debt. Meanwhile, Kelley Blue Book said the Federal Reserve’s 0.25‑point rate hike in October could push auto‑loan rates higher.
Key facts
- Average new‑car loan payment rose to $787 per month (independent.co.uk)
- 21% of owners pay $1,000 or more monthly (independent.co.uk)
- 25.5% of new‑car buyers used 84‑month loans (independent.co.uk)
- Average interest paid over a loan’s life is $9,938 (independent.co.uk)
- Federal Reserve raised rates by 0.25 points in October (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “The cost of your new car loan has hit a record high”
