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How much is the average monthly car loan payment?
I’m paying a ton every month on my car loan, but I don’t know if it’s above a standard amount. Either way, I was thinking of refinancing, but it isn’t worth it if I’m already getting a good deal. What is the average amount people spend on their monthly car loan payments?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loans
are often necessary, but they’re also pricey! As of 2021, the average monthly car loan payment for a new car is $575. Alternatively, average monthly payments for used cars is only $430.Remember, the numbers above are only averages. Your monthly payments could be much higher or much lower depending on:
As a general rule, monthly payments are lower for long-term loans—but you’ll end up paying more in the long run. People who make substantial down payments can usually secure lower monthly payments since they’ve already demonstrated their ability to pay.
If you’d still like to refinance, use the
Jerry
app to make the process as easy as possible. Jerry removes the hassle by giving you one app that instantly connects you with top companies to meet your financial needs. Make sure you’re not overpaying for your car loan by comparing offers from multiple lenders to find the best option for you! On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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