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Auto loan debt reaches $1.52 trillion Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and financial tools that provide original and objective content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation can affect the way and where products appear on this website, for example such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial deals that might be available to you. Jackal Pan/Getty Images

3 minutes read. Published December 19, 2022

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to buy a car. 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 through providing precise, well-researched, and well-documented information that breaks down complicated subjects into digestible pieces. The Bankrate promise

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At Bankrate we strive to help you make better financial choices. We are committed to maintaining strict editorial integrity ,

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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans journalists and editors are focused on the things that consumers care about the most — the various kinds of lending options as well as the best rates, the most reliable lenders, the best ways to repay debt and more — so you’ll be able to feel secure when investing your money. Editorial integrity

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and journalists create honest and accurate content to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our goal is to offer readers accurate and unbiased information, and we have editorial standards in place to ensure that this happens. Our reporters and editors rigorously fact-check editorial content to ensure the information you’re receiving is true. We have a strict separation with our advertising partners and the editorial team. Our editorial team does not receive compensation directly through our sponsors. Editorial Independence Bankrate’s editorial staff writes in the name of YOU – the reader. Our goal is to give you the best advice that will assist you in making smart financial decisions for your personal finances. We adhere to strict guidelines in order for ensuring that editorial content isn’t affected by advertisements. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review it is safe to know that you’re getting reliable and dependable information. How we make money

If you have questions about money. Bankrate can help. Our experts have been helping you manage your money for more than four years. We strive to continuously provide our readers with the professional advice and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and accurate. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. The content we create by our editorial team is objective, factual and uninfluenced through our sponsors. We’re honest about how we are in a position to provide quality content, competitive rates, and helpful tools to you , 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 by you clicking on specific links on our website. So, this compensation can impact how, where and when products appear in listing categories, except where prohibited by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether the product is available in your area or at your self-selected credit score range may also influence how and where products appear on this site. We strive to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. The third quarter of 2022 was an exploration about”the “new normal” after the pandemic, worry about the imminent threat and a rise in debt for households. The most notable is that automobile loan debt hit $1.52 billion. That accounts for over 9 percent of the household debt. In addition, it has increased up to levels close to pre-pandemic, according to third quarter report, with delinquencies of 60 days for new vehicle loans being 0.48 percent and for used car loans in the range of 1.17 percent. An unfortunate mixture of causes has led to this increase on auto loan debt. One of them is supply chain issues, which have caused record-high prices for vehicles. Second are across the board for borrowers. This is particularly the case for those who hold a higher likelihood of falling behind or missing the payment. Debt and delinquency statistics All-around loan balances increased by 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 the beginning of 2022, in the year 2022, it has increased 1.77 percentage point for a 60-month new car loan as well as 1.78 percentage points to get a 48-month used car loan. Loans that are 30 days delinquent have increased to 2.19 percent in the third quarter of 2022 as compared with 1.66 per cent in 2021. Loans that are 60 days late have risen by 0.81 per cent in the 3rd quarter of 2022, compared the 0.55 percent in 2021. Men have 16.3 percent more than women. Total car loan and lease value was 1.43 trillion in 2021, compared the 1.6 trillion for student loans.

A shortage of vehicles has pushed prices higher The main reason for the rise in the amount of auto loan debt in recent times has been the fewer vehicles on the market, says Bankrate chief financial analyst Greg McBride, CFA. “The lack of new cars created a scarcity that pushed prices higher, and this bled over into used vehicles when more car buyers shifted towards this the direction of buying,” McBride says. As this trend is gaining momentum, “there was an explosion in prices paid and loan balances that were financed when the pandemic hit.” McBride furthers this idea by pointing out that there’s no more awe-inspiring place to see households living paycheck to paycheck than the driveway. Drivers have faced pricey vehicles due to supply chain issues that resulted in high-cost payments that are a burden on the budget. How the economy affects the state of the economy directly affects drivers’ ability to purchase, finance and pay off new or used vehicles in terms of cost and interest rates available. In addition, with nearly 43 percent of the economists saying that recession will continue to expand in the next 12-18 months, it’s just one cost that will be more. Even if drivers are able to finance a vehicle upfront however, the high interest rates make debt and delinquency a possible possibility for many borrowers. In essence, as the economy grapples with steep inflation rates, the has been working to stop the problem by increasing the rate of reference. The benchmark rate is increased to 4.25-4.5 percent for December. This rate informs how much banks are able to charge for lending cash to different banks. This can affect interest rates for consumer goods like automobile loans. Even as relief came with the help of car price reductions, higher rates could increase the number of people who are in debt repayments and slipping into debt. There’s a conflicting perception between vehicles that are less expensive . As optimistically stated in the report, serious automobile loan late fees are anticipated to decrease modestly to 1.9 percent in 2023 from 1.95 percent in 2022. The average cost for drivers was about $700 per month to purchase a brand-new car and $525 per month for a used car as of this third quarter, 2022. The consumer price index was at 298.1 in mid-December, an increase from 278.9 last year. The average term for subprime borrowers financing new vehicles were 74.25 for the quarter ending March 31, 2022. The average interest rate for brand new vehicles during the 3rd quarter in 2022 was 5.16 percent and 9.34 percent for used vehicles. There is the risk of 65 percent of a recession by mid-2024 according to an .

How to exit the debt. While debt that has been incurred may seem impossible to escape, there is steps you can take to dig yourself out of the hole that missed or late payments have created. Americans had an average balance of $96,371 in 2021 — so if you have fallen into deep debt it’s not an isolated situation. Use these suggestions to help you overcome the debt. Look into debt consolidation. An consolidating debt loan is a way to pay off your debt. It can help you save on interest and help you repay the debt more quickly. To locate the most effective debt consolidation loan a few offers. Like with every loan, apply for preapproval to lock in the best rate possible. Review your budget if you have more debt than what’s to pay in the bank account it might be a good time to . To alter the amount you spend, start by taking the time to look at what you’re spending and the things you’re spending it on. Look for common-cost items you could eliminate or cut down. Any extra money that is piled up can be used to pay off your credit card. Make a request for loan modification If you are in danger of being late in your car loan It is a means to change your current loan to suit your financial needs. Different from , this process involves the current lender and will alter your loan terms. Keep in mind that not every lender is willing to modify an loan, and you may need to provide proof of your hardship.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase cars. Written 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 take control of their finances through providing clear, well-researched information that break down complex topics into manageable bites.

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