The number of Americans paying more than $1,000 a month on car payments has increased as interest rates on car loans surged, according to a recent report.
The percentage of drivers spending upward of $1,000 a month on payments jumped to an all-time high of 17.1% in the second quarter of 2023 compared to 16.8% in the first quarter, according to a report by Edmunds. The amount drivers spent on average also reached a new record high of $733 in the second quarter, up from $730 in the previous quarter.
The higher payments are tied to historically expensive financing terms. The average annual percentage rate (APR) rose to 7.1% in Q2, compared to 7.0% in Q1 and 5.0% in Q2 2022, according to the report.
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