finance
Average new car payment reaches record $770 in first quarter
Monthly payments on new vehicles rose 2.9 percent to an all-time high of $770 in the first quarter of 2026. Outstanding auto loan debt reached $1.685 trillion, up 57.3 percent from a decade earlier.
Jul 7, 5:23 PM·1m read2 sources
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The average monthly payment for a new vehicle rose to a record $770 in the first quarter of 2026, according to data compiled by Experian and analyzed by LendingTree. Lease payments increased at a faster pace, climbing 3.2 percent over the year to an average of $619. Payments on used vehicles rose 1.5 percent to $531.
Loan amounts and credit tiers The average new-vehicle loan totaled $43,925 in the first quarter, up from $43,582 in the prior quarter. The average used-vehicle loan fell to $27,070 from $27,528. Borrowers with credit scores between 661 and 780 took out the largest new-vehicle loans, averaging $46,244.
Among used-vehicle buyers, those with scores above 780 held the largest average loans at $29,599.
Debt totals and originations Nationwide auto loan debt reached $1.685 trillion in the first quarter, up 57.3 percent from $1.071 trillion in the first quarter of 2016, the Federal Reserve Bank of New York reported. Auto loan originations totaled $182.1 billion in the first quarter, slightly above the previous quarter but below the $187.9 billion recorded in the second quarter of 2025.
Borrowers in their 30s and 40s originated the most auto loan debt during the quarter, at $38.6 billion and $40 billion respectively.
