Consumer & Community Context
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Figure 1. Average loan rate and term by lender type
| Lender type | Average rate | Average term (months) |
|---|---|---|
| Banks | 9.42% | 68.39 |
| Buy here, pay here | 15.10% | 63.77 |
| Captive finance | 6.86% | 56.42 |
| Credit union | 8.07% | 69.25 |
| Non-captive finance | 17.58% | 65.16 |
Source: Experian Velocity.
Figure 2. Average amount financed, 2019 vs. 2023
| 2019:Q4 | 2023:Q3 | |
|---|---|---|
| Used | $20,893 | $27,305 |
| New | $33,298 | $40,472 |
Source: Experian Velocity.
Figure 3. Average monthly payment, 2019 vs. 2023
| 2019:Q4 | 2023:Q3 | |
|---|---|---|
| Used | $396 | $535 |
| New | $530 | $692 |
Source: Experian Velocity.
Last Update:
November 28, 2023