“The loan balances have been driven up by a combination of three factors — strong car sales, rising car prices and low interest rates. Interest rates are low. Borrowers with top credit scores can get loans for less than 3%. But the amount owed is up 11%, a sign of the increase in the size of car loans due to rising prices. The average amount borrowed is about $21,700, and buyers owe nearly $18,000 on average. The average new car purchase price now stands at $32,529, according to sales tracker TrueCar. The average car loan balance is rising faster than it is for mortgage loans, according to TransUnion. The average payment now stands at just under $400 a month.”
http://money.cnn.com/2015/11/16/autos/car-loans-trillion-dollars/
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