{"id":40201,"date":"2022-05-11T07:23:57","date_gmt":"2022-05-11T07:23:57","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=40201"},"modified":"2022-05-11T07:23:57","modified_gmt":"2022-05-11T07:23:57","slug":"average-monthly-auto-loan-payments","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/","title":{"rendered":"Average Monthly Car Loan Payments: How Much Should You Be Paying?"},"content":{"rendered":"<p style=\"text-align: center;\"><em>With the rising prices in the economy, both new and used cars are getting expensive. How much are you likely to pay as average monthly car loan payments? <\/em><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0One of the biggest expenses after buying a vehicle is to keep paying the monthly car loan payments! Though the loan amount varies depending on several factors (like credit score, APR, loan term, etc), the most important one is definitely the price of the vehicle. <\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">The past few quarters have seen skyrocketing prices of both<a href=\" https:\/\/dev.way.com\/blog\/car-prices-2022\/\" target=\"_blank\" rel=\"noopener\"> new<\/a> and <a href=\" https:\/\/dev.way.com\/blog\/when-will-used-car-prices-drop\/\" target=\"_blank\" rel=\"noopener\">used vehicles<\/a>. What effect has that had on average car loan payments in the US? Let&#8217;s take a quick look.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-40203 size-large\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment-1024x694.jpg\" alt=\"Average monthly auto loan payments in the US\" width=\"640\" height=\"434\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment-1024x694.jpg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment-300x203.jpg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment-768x520.jpg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment-1536x1041.jpg 1536w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/average-car-loan-payment.jpg 2000w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Average_Monthly_Car_Payments_Statistics_at_a_Glance\" >Average Monthly Car Payments: Statistics at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#What_Is_Included_in_Your_Monthly_Car_Payments\" >What Is Included in Your Monthly Car Payments?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Average_Monthly_Car_Payments_by_Credit_Score\" >Average Monthly Car Payments by Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Average_Auto_Loan_Amounts_by_Credit_Score\" >Average Auto Loan Amounts by Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Average_Auto_Loan_Rates_by_Credit_Score\" >Average Auto Loan Rates by Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Average_Auto_Loan_Terms\" >Average Auto Loan Terms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#How_to_Calculate_Your_Monthly_Car_Loan_Payments\" >How to Calculate Your Monthly Car Loan Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#How_Can_I_Lower_My_Monthly_Car_Payment\" >How Can I Lower My Monthly Car Payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#What_Is_the_Average_Auto_Loan_Monthly_Payment\" >What Is the Average Auto Loan Monthly Payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#Is_500_Too_Much_for_a_Monthly_Car_Payment\" >Is $500 Too Much for a Monthly Car Payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/#How_Much_Is_Too_Much_for_a_Monthly_Car_Loan_Payment\" >How Much Is Too Much for a Monthly Car Loan Payment?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Average_Monthly_Car_Payments_Statistics_at_a_Glance\"><\/span>Average Monthly Car Payments: Statistics at a Glance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">According to vehicle valuation and pricing service <a href=\"https:\/\/www.edmunds.com\/industry\/press\/average-new-and-used-vehicle-monthly-payments-expected-to-climb-to-record-highs-in-q1-according-to-edmunds.html\" target=\"_blank\" rel=\"noopener\">Edmunds<\/a>, here are the most important statistics to know so far:<\/span><\/p>\n<ul>\n<li><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">The average monthly car loan payment for NEW VEHICLES has <strong>increased<\/strong> from <strong>$639 (Q4 2021)<\/strong> to <strong>$648 (Q1 2022)<\/strong><\/span><\/li>\n<li>Average monthly car loan payment for USED VEHICLES has also <strong>increased<\/strong> from <strong>$524 (Q4 2021)<\/strong> to <strong>$538 (Q1 2022)<\/strong><\/li>\n<li>Average total loan amount to purchase a NEW VEHICLE has<strong> increased<\/strong> from <strong>$35,040(Q4 2021)<\/strong> to <strong>$39,340 (Q1 2022)<\/strong><\/li>\n<li>The average total loan amount to purchase a USED VEHICLE has also <strong>increased<\/strong> from <strong>$23,958 (Q4 2021)<\/strong> to<strong> $39,830 (Q1 2022)<\/strong><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Included_in_Your_Monthly_Car_Payments\"><\/span>What Is Included in Your Monthly Car Payments?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The monthly car payments are calculated based on:<\/p>\n<ul>\n<li><strong>The loan amount borrowed:<\/strong> The final amount after deducting any downpayment, rebate, and trade-in credits.<\/li>\n<li><strong>The interest rate on the loan:<\/strong> The APR offered after analyzing the borrower&#8217;s credit profile<\/li>\n<li><strong>The total loan term:<\/strong> Length of time for which you want to continue paying the loan<\/li>\n<li><strong>Age of vehicle:<\/strong> New vehicles are costlier than used ones<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Average_Monthly_Car_Payments_by_Credit_Score\"><\/span>Average Monthly Car Payments by Credit Score<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%; height: 138px;\">\n<tbody>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Credit Score<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>New cars<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>Used Cars<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>781-850<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$582<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$443<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>661-780<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$620<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$462<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>601-660<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$647<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$487<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>501-659<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$638<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$481<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>300-500<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$615<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$474<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Average_Auto_Loan_Amounts_by_Credit_Score\"><\/span>Average Auto Loan Amounts by Credit Score<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%; height: 138px;\">\n<tbody>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Credit Score<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan amounts for new cars<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan amounts for used cars<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>781-850<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$33,975<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$26,010<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>661-780<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$38,950<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$27,478<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>601-660<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$39,370<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$26,145<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>501-659<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$35,150<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$21,830<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>300-500<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$30,010<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">$18,350<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Average_Auto_Loan_Rates_by_Credit_Score\"><\/span>Average Auto Loan Rates by Credit Score<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%; height: 138px;\">\n<tbody>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Credit Score<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan rates for new cars<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan rates for used cars<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>781-850<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">2.58%<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">3.68%<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>661-780<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">3.64%<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">5.35%<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>601-660<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">6.32%<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">9.77%<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>501-659<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">9.92%<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">15.91%<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>300-500<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">12.99%<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">19.85%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Average_Auto_Loan_Terms\"><\/span>Average Auto Loan Terms<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 98.5481%; height: 138px;\">\n<tbody>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Credit Score<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan term for new cars (months)<\/strong><\/td>\n<td style=\"width: 33.3333%; text-align: center; height: 23px;\"><strong>Loan terms for used cars (months)<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>781-850<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">63.94<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">64.25<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>661-780<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">70.97<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">67.75<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>601-660<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">74.13<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">67.77<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>501-659<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">73.5<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">64.99<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\"><strong>300-500<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">72.19<\/td>\n<td style=\"width: 33.3333%; height: 23px; text-align: center;\">65.14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Calculate_Your_Monthly_Car_Loan_Payments\"><\/span><span data-contrast=\"none\"><a href=\" https:\/\/dev.way.com\/blog\/how-are-car-loan-payments-calculated\/#How_Can_You_Lower_Your_Car_Loan_Payments\" target=\"_blank\" rel=\"noopener\">How to Calculate Your Monthly Car Loan Payments<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Step 1:<\/strong> Find the total loan amount you want to borrow by following these steps<\/p>\n<ul>\n<li>Settle on a purchase price for your car<\/li>\n<li>Calculate sales tax and add it to the purchase price<\/li>\n<li>Deduct the trade-in value of your old car (if applicable)<\/li>\n<li>Add dealership fees, document fees, and other charges<\/li>\n<li>Subtract and rebates or discounts<\/li>\n<li>Subtract the downpayment you want to pay<\/li>\n<\/ul>\n<p><strong>Step 2:<\/strong> Apply the following formula to find the monthly payment<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.gstatic.com\/education\/formulas2\/397133473\/en\/amortization_calculator.svg\" alt=\"A=P \\frac {i(1+i)^n}{(1+i)^n-1}\" \/><\/p>\n<p>where<\/p>\n<ul>\n<li>P = the principal amount<\/li>\n<li>i = the interest rate per month, which equals the annual interest rate divided by 12<\/li>\n<li>n = the total number of months<\/li>\n<li>A = monthly payment to be paid<\/li>\n<\/ul>\n<p>You can also use an easy online auto loan rate calculator to find out how much you have to pay.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Can_I_Lower_My_Monthly_Car_Payment\"><\/span>How Can I Lower My Monthly Car Payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Build up a <strong>good credit score and<\/strong> <strong>consistent payment history<\/strong> before applying<\/li>\n<li>Always<a href=\" https:\/\/dev.way.com\/blog\/how-can-i-lower-my-car-interest-rate\/\" target=\"_blank\" rel=\"noopener\"><strong>\u00a0negotiate with the lender<\/strong> for a good APR<\/a><\/li>\n<li>If you\u2019re already paying a high monthly amount, consider <a href=\" https:\/\/dev.way.com\/blog\/how-to-refinance-your-car-loan\/\" target=\"_blank\" rel=\"noopener\"><strong>auto loan refinancing<\/strong> to a lower APR<\/a><\/li>\n<li>Consider refinancing your auto loan to a<strong> longer term<\/strong> so you can pay less every month<\/li>\n<li>Don&#8217;t have good enough credit to lower your payment? Try <strong>refinancing your loan with a co-signer<\/strong><\/li>\n<li>Consider buying <strong>a used car<\/strong> (which costs less and will have lower monthly payments)<\/li>\n<\/ul>\n<h2><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><em>Frequently Asked Questions (FAQ)\u00a0<\/em><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_the_Average_Auto_Loan_Monthly_Payment\"><\/span>What Is the Average Auto Loan Monthly Payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">In the first quarter of 2022, the average auto loan monthly payment was <strong>$648 for new vehicles<\/strong> and <strong>$538 for used vehicles.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_500_Too_Much_for_a_Monthly_Car_Payment\"><\/span>Is $500 Too Much for a Monthly Car Payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Paying $500 for a car loan monthly payment in 2019 would definitely have been too much. But in 2022, when the average monthly payment is $648, consider yourself lucky if you have just $500 to pay!<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Is_Too_Much_for_a_Monthly_Car_Loan_Payment\"><\/span>How Much Is Too Much for a Monthly Car Loan Payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Auto loan payments are calculated using several factors, including your credit score, the APR you&#8217;ve qualified for, the length of the loan term, and more. However, given the average rates and payments today, any amount above $600 can be considered too much to pay on your car loan.<\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"What are the average monthly car loan payments?\" width=\"744\" height=\"276\" \/><\/a><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"><em>Here\u2019s more info on\u00a0<a tabindex=\"-1\" title=\"https:\/\/www.way.com\/airport-parking\" href=\"https:\/\/www.way.com\/airport-parking\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link top-rated airport parking\">top-rated airport parking<\/a>,\u00a0<a tabindex=\"-1\" title=\"https:\/\/www.way.com\/cities\" href=\"https:\/\/www.way.com\/cities\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link the best parking spots in your city\">the best parking spots in your city<\/a>, affordable\u00a0<a tabindex=\"-1\" title=\"https:\/\/www.way.com\/auto-insurance\" href=\"https:\/\/www.way.com\/auto-insurance\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link auto insurance\">auto insurance<\/a>, easy\u00a0<a tabindex=\"-1\" title=\"https:\/\/www.way.com\/auto-refinance\" href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link auto refinance\">auto refinance<\/a>\u00a0and\u00a0<a tabindex=\"-1\" title=\"https:\/\/www.way.com\/car-wash-near-me\" href=\"https:\/\/www.way.com\/car-wash-near-me\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link high-quality car washes near you\">high-quality car washes near you<\/a>.\u00a0<\/em><br \/>\n<\/span><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the rising prices in the economy, both new and used cars are getting expensive. How much are you likely to pay as average monthly car loan payments? \u00a0One of the biggest expenses after buying a vehicle is to keep paying the monthly car loan payments! Though the loan amount varies depending on several factors&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/average-monthly-auto-loan-payments\/\">Continue reading <span class=\"screen-reader-text\">Average Monthly Car Loan Payments: How Much Should You Be Paying?<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":40202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1962,1855],"tags":[5720,5721,5722,5723,5717,5718,5719],"class_list":["post-40201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","category-finance","tag-average-car-loan","tag-monthly-car-payment-average","tag-how-much-is-the-average-car-payment-per-month","tag-car-payment-per-month-average","tag-average-monthly-car-payment","tag-how-much-is-car-payment-per-month","tag-average-car-payment-in-america","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Average Monthly Car Loan Payments: Statistics | 2022<\/title>\n<meta name=\"description\" content=\"With rising prices in the economy, both new and used cars are getting expensive. 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