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Borrowers continue to accept lengthier auto loans — the average term is well over five years and approaching six — a sign that car and truck buyers face an affordability problem, according to Experian Automotive.
Auto Loan Calculator
Credit Score
Car Price
Interest Rate
Trade-In Value / Down Payment
Loan term (months)
Monthly Payment
$599.55
(Before taxes and fees)
Total interest paid
$115,838.00
Total amount paid
$215,838.00
(Over the loan term)
See amortization charts & schedule
Loan Breakdown
Amortization Graph
Annual Amortization Schedule
Annual Schedule
Monthly Schedule
Year 1
The average new-vehicle loan term was a record in the second quarter of 2019, said Melinda Zabritski, Experian’s senior director of automotive financial solutions. “It’s a little over 69 months,” as of the second quarter of 2019, she said in a phone interview.
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Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. I'm a wealth reporter at Forbes. A Connecticut native, I studied journalism at Penn State University. Follow me on Twitter @someUser.
First Published: Apr 17, 2020, 11:20am
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