Record share of Americans are paying $1,000 or more on monthly car payments
CBSN
A growing number of Americans are paying four figures each month on their car notes as auto loan rates have catapulted in recent months.
Nearly 15% of drivers who financed a new vehicle toward the end of 2022 are shelling out more than $1,000 a month, the highest percentage ever recorded, according to automotive research company Edmunds. About 5% of consumers who financed a used car during that same period are also paying north of $1,000, which is also a record, Edmunds said.
The chances of a pricier car note will hopefully motivate drivers to shop around and compare interest rates among banks, credit unions and dealerships, Edmunds director of insights Ivan Drury said. One percentage point increase adds roughly $20 a month to a car note and thousands of dollars extra over the life of a loan, Drury said.
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