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Auto loan debt reaches $1.52 trillion Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide original and objective content. This allows users to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and where products are displayed on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial offerings that could be accessible to you. Jackal Pan/Getty Images

3 min read Published 19 December 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and well-written facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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At Bankrate we strive to help you make better financial decisions. While we adhere to strict journalistic integrity ,

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In 1976, Bankrate was founded. Bankrate has a long history of helping people make wise financial decisions.

We’ve maintained our reputation for more than 40 years by simplifying the process of financial decision-making

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We make sure that everything we publish is objective, accurate and trustworthy. The loans reporter and editor are focused on the areas that consumers are concerned about the most — various types of loans available, the best rates, the best lenders, how to pay off debt and much more. So you’ll feel safe investing your money. Integrity of the editing

Bankrate follows a strict standard of conduct, which means you can be confident that we’ll put your needs first. Our award-winning editors, reporters and editors create honest and accurate content to assist you in making the right financial decisions. Our main principles are that we value your trust. Our mission is to offer readers accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re receiving is correct. We have a strict separation between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial staff writes in the name of YOU – the reader. Our goal is to give you the best advice to aid you in making informed personal finance decisions. We follow strict guidelines for ensuring that editorial content isn’t affected by advertisements. Our editorial team receives no any compensation directly from advertisers and our content is checked for accuracy to ensure its truthfulness. Therefore, whether you’re reading an article or reviewing it is safe to know that you’re getting reliable and reliable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have helped you understand your money for more than four decades. We strive to continuously provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial decisions. Our content produced by our editorial staff is objective, truthful and is not influenced through our sponsors. We’re transparent about the ways we’re able to bring quality information, competitive rates and useful tools for our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or through you clicking certain links posted on our site. So, this compensation can impact how, where and in what order items appear in listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, like our own proprietary website rules and whether or not a product is available within your area or at your own personal credit score could also affect how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include the details of each financial or credit item or service. In the third quarter in 2022, we was an exploration into”the “new normal” in the wake of the pandemic. fear of the looming and the increase in household debt. Most notably, auto loan debt reached $1.52 billion. That makes more than 9 percent of the household debt. In addition, it has increased to near pre-pandemic levels according to third quarter report, with 60-day delinquencies for new vehicle loans in the range of 0.48 percent and used automobile loans in the range of 1.17 percent. An unfortunate mix of factors have led to this rise in the amount of auto loan debt. One reason is the supply chain issues, which have caused record-high vehicle prices. Second are across the board for those who borrow. This is especially true for those with more of a chance of falling behind or missing payments. Debt and delinquency statistics All-around loan balances grew 7.6 percent in the quarter that ended in the middle of the year 2022. The average across the nation total is $5,210. Since 2022’s beginning, the rate has increased by 1.77 percent for a 60-month brand new vehicle loan or 1.78 percentage points for a 48-month used car loan. Loans that are 30 days late have increased up to 2.19 percentage in the 3rd quarter of 2022, compared the 1.66 percentage in 2021. The percentage of loans that are 60 days past due have increased to 0.81 percent in the third quarter of 2022 as compared the 0.55 per cent in 2021. Men have 16.3 percent than women. The total amount of automobile loan and lease value was 1.43 trillion by 2021 compared to 1.6 trillion in student loans.

The scarcity of cars has pushed prices higher One reason for the growth in auto loan debt over the last few years is the lack of cars that are available, according to Bankrate CFA Greg McBride, CFA. “The shortage of new vehicles resulted in a shortage, which pushed prices up, and this bled over into used vehicles when more car buyers shifted towards this direction,” McBride says. And while this trend is gaining momentum, “there was an explosion in prices paid and loan balances financed once the pandemic hit.” McBride furthers this idea by pointing out that there is no better spot to see families living paycheck to paycheck than the driveway. Drivers have faced pricey vehicles due to supply chain issues which resulted in the need for budget-busting payment. What affects the economy on the state of the economy directly impacts the capacity to buy, finance and pay off new or used cars with regard to cost and available interest rates. With 43 percent of economists predicting that the recession will continue to increase over the next 12-18 months, it’s just one cost that will be more. Even if drivers are able afford to purchase a car upfront due to the high interest rates, delinquency and credit card debt a probable reality for a lot of people who borrow. Simplyput, as the country grapples with steep inflation rates The government has been working to quell the issue by raising the benchmark rate. The benchmark rate was has been set at 4.25-4.5 percent during December. This rate determines the amount banks are able to charge for lending funds to banks that do not have a bank. This will affect the interest rates of consumer goods like automobile loans. Although relief was offered through the form of lower vehicle prices decreasing, high rates may increase the number of people who are in debt payments and entering debt. There’s a conflicting perception between less expensive vehicles . As optimistically stated in the article, serious automobile loan default rates are anticipated to decrease modestly to 1.9 percent in 2023 , down from 1.95 percent in 2022. Averagely, drivers pay about $700 monthly for a new car as well as $525 monthly for a used car as of the 3rd quarter in 2022. The consumer price index was at 298.1 at the mid-December timeframe, which is up from 278.9 a year ago. The average loan term for subprime lenders financing new cars were 74.25 in the third quarter of 2022. Average interest rate for new cars during the 3rd quarter in 2022 was 5.16 percent, and 9.34 percent for used. There’s the risk of 65 percent of a recession in the mid-2024 timeframe, according to the .

How to escape debt While incurred debt can feel inescapable there are still ways to escape the hole that missed or late payments have caused. Americans were in debt on average of $96,371 as of 2021therefore if you’ve fallen into deep debt it’s not an isolated situation. Take note of these tips in your quest to overcome the burden of debt. Think about debt consolidation. A consolidating debt loan is a type of your debt. It can help you lower your interest costs and assist to pay off the debt more quickly. To find the ideal debt consolidation loan there are a few options. As with any loan, apply for preapproval to lock in the best rate possible. Check your budget. If you’re owing more than what’s on your bank account it might be the perfect time to . In order to adjust the amount you spend, start by taking a look at how much you’re spending and the things you’re spending it on. Make sure to eliminate the common items that you can eliminate or reduce. Any additional cash that shows up could be used to pay down your credit card. Request loan modification If you are in danger of being late on your auto loan It is a means to change the terms of your current loan to better suit your financial situation. In contrast to the previous method, this one is done with the present lender and will directly change the loan conditions. Be aware that not every lender will agree to change the terms of the terms of a loan and you might require proof of your financial hardship.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and well-researched content that breaks down otherwise complicated topics into digestible pieces.

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