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Average auto loan debt grew 2.1% to $24,297 in 2024

Experian reported that the average auto loan balance in the U.S. Grew 2.1% to $24,297 by Q3 2024, raising total auto debt to $1.53 trillion.
This increase resulted from higher financing rates and a $20 billion rise in total debt compared to Q3 2023, while car prices generally leveled off or declined for EVs.
The rise in auto loan payments to $662 per month by Q3 2024, alongside increased delinquency rates reaching 3.68%, reflects growing financial pressure on borrowers nationwide.
Key regional increases included Maine, New Jersey, and New York with 3.5% or higher growth, while Texas leads with the highest average balance of $29,760 in 2024.
Tariff uncertainties on steel and aluminum imports threaten to raise vehicle costs further in 2025, making credit scores a crucial factor for consumers amid ongoing market unpredictability.

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Average auto loan debt grew 2.1% to $24,297 in 2024

Experian explains that while the average auto loan balance grew 2.1%, to reach $24,297, uncertainty in the auto market may cause things to play out differently in 2025.

3 days ago

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