The average used vehicle monthly payment increased at the end of 2023 despite decreasing financed amounts and loan terms.<\/p>\n\n\n\n
Experian\u2019s State of Automotive Finance Market report showed that the average monthly payment was $532. That was up $2 from the $530 at the end of 2022.<\/p>\n\n\n\n
The payment increase was due to an increase in finance rates from 10.36 percent to 11.93 percent.<\/p>\n\n\n\n
The amount financed dropped from $27,907 to $26,685. The average term fell from 67.9 months to 67.4.<\/p>\n\n\n\n
The average credit score for consumers purchasing a used car was 684, which was up from 681 in 2022.<\/p>\n\n\n\n
The percentage of subprime borrowers fell to 21.5 percent.<\/p>\n\n\n\n
Credit unions financed 29.59 percent of used vehicle purchases and banks 26.68 percent.<\/p>\n\n\n\n
Among independent dealers, 33.18 percent of transactions were financed by buy-here pay-here dealerships. Financed companies financed 27.2 percent of transactions and credit unions 15.88 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"The average used vehicle monthly payment increased at the end of 2023 despite decreasing financed amounts and loan…\n","protected":false},"author":1,"featured_media":3207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3],"tags":[],"class_list":{"0":"post-4624","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry","8":"cs-entry","9":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=4624"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3207"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}