Pakistan & Gulf Economist Pakistan's Business Financial Magazine
America’s mountain of car loan debt is getting higher. A Finder analysis of Federal Reserve Bank of New York data found that Americans accumulated $568.6 billion in auto loans by the end of 2017. Last year, the average amount borrowed for a new car was $31,099 or $515 a month while a used car required a loan of $21,375, or $398 a month.
Banks are the top choice for auto loans and last year, they reported $368 billion in open car loans. Putting that into perspective, it’s equal to the cost of 4.9 million Model S Teslas. The total active loan amount across all U.S. lenders in 2017 was $1.129 trillion.
44 percent of Americans rely on a car loan to finance a vehicle purchase. As the following infographic shows, the total number of car loan accounts is soaring nationwide, hitting 108.66 million by 2017. Auto loans now account for 9.28 percent of U.S. debt. Mortgages are still top, making up 67.63 percent while student loans account for 10.5 percent.
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