Average maturity of new car loans at finance companies in the U.S. 2011-2023

Published by
Fernando de Querol Cumbrera,
Nov 22, 2023
New car loans at finance companies in the United States had, on average, a loan term of over 65 months in the second quarter of 2023. These figures peaked in the second quarter of 2020. At that time, the average borrower of credit for new automobiles needed to make monthly payments for 71 months. After that, their debt would have been paid off. The monthly payment for used car loans was lower than for new cars.

Average maturity of new car loans at finance companies in the United States from 1st quarter 2011 to 2nd quarter 2023 (in months)

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Release date

September 2023

Region

United States

Survey time period

1st quarter 2011 to 2nd quarter 2023

Special properties

Not Seasonally Adjusted

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Car financing and leasing in the U.S.Personal savings in the United StatesFinancial markets in the U.S.Commercial vehicles worldwideVehicles in use in the U.S.
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