Loans for new vehicles averaged $30,621.
The average amount financed for new and used vehicles hit record highs last year, according to the latest State of the Automotive Finance Market report from Experian.
The average loan amount for a new vehicle reached a record high of $30,621 in Q4 2016.
The average loan amount for a used vehicle also reached record levels, jumping from $18,850 in Q4 2015 to $19,329 in Q4 2016.
The number of consumers opting for auto loans with terms of 73 to 84 months on their new vehicles increased from 29 percent in Q4 2015 to 32.1 percent in Q4 2016. In the used car market, there was an increase in 73- to 84-month loans from 16.4 percent in Q4 2015 to 18.2 percent in Q4 2016.
Another key finding in the report is the increase in delinquency rates. Thirty-day delinquencies inched up slightly from 2.42 percent in Q4 2015 to 2.44 percent in Q4 2016.
Other key findings for Q4 2016:
• Total open automotive loan balances reached a record high $1.072 trillion in Q4 2016, up from $987 billion in Q4 2015; however, year-over-year growth is continuing to slow.
• The average monthly payment for a new vehicle loan was $506, up from $493.
• The average new vehicle lease payment was $414, up from $412.
• The average monthly payment for a used vehicle loan was $364, up from $359.