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What’s the Average Car Payment Per Month?
The average monthly car payment is $748 for new cars and $532 for used. Several factors determine your payment.
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Updated · 3 min read
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NerdWallet's content is fact-checked for accuracy, timeliness and
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editors to ensure the information is as clear and complete as possible.
Shannon Bradley is a NerdWallet authority on autos and home services. Before joining NerdWallet in 2021, Shannon spent 30-plus years as a writer, content manager and marketer in the financial services industry. In these roles, she developed financial expertise and created educational content covering a wide range of personal and business topics. Shannon is based in Newburgh, Indiana.
Julie Myhre-Nunes leads the Auto Loans, Student Loans and Home Services teams at NerdWallet. Julie has over a decade of experience in personal finance. Before joining NerdWallet, she led editorial teams at Red Ventures and several startups. Her personal finance insights have been featured in Forbes, The Boston Globe and CNBC, while her writing has appeared in USA Today, Business Insider, Wired Insights and more.
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The average monthly car loan payment in the U.S. was $748 for new vehicles and $532 for used ones originated in the third quarter of 2025, according to credit reporting agency Experian
It’s worth noting that some recent reports from other industry analysts place the average car payment even higher. Automotive research website Edmunds says the average new car payment hit $766 in October 2025, up 3.1% from the previous year. Average used car payments were $572.
When you’re buying a car, it’s helpful to use the average car payment amount as a benchmark, but your actual car payment per month is determined by several different factors.
What determines your monthly car payment?
Here's a look at what contributes to the total amount of a car loan payment. Some of these factors are within a borrower’s control more than others.
Loan amount. The amount you borrow is based on the sale price of the car you choose, minus any down payment or trade-in credit. This is the principal portion of a monthly car payment.
Interest rate. Interest is the percentage you pay on top of the principal to borrow money. Lenders consider factors like your credit score, debt and income to set your interest rate, which will vary by lender. When comparing lender rates, use the annual percentage rate, or APR, because it includes any lender fees.
Type of car you buy and where. Your choice of vehicle can also influence the interest rate you receive. For example, some lenders charge higher loan rates for used cars. If you purchase a car from a private seller, your rate may be even higher.
Length of the loan. Called the loan term, this is the number of months you have to pay off the loan. The most common auto loan terms are 24, 36, 48, 60, 72 and 84 months
To put it simply, your monthly auto loan payment is calculated at the beginning of your loan by dividing the total loan amount, including interest, by the number of months in the loan term.
See what you could save on car insurance
Easily compare personalized rates to see how much switching car insurance could save you.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors like maximum rates, variety of loan options, visibility of borrower requirements, accessibility, speed of funding, fees and more.
Best for borrowers with good or excellent credit who want fast approval and funding to buy a new car.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors like maximum rates, variety of loan options, visibility of borrower requirements, accessibility, speed of funding, fees and more.
4.5
Est. APR:
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
6.74 - 15.24%
Term: 24 - 84 months
You will be redirected to the partner's website.
The terms presented here are estimated and provided solely to assist you
in finding a great lender. The terms may vary based on the partner's terms
and conditions.
You will be redirected to the partner's website
The terms presented here are estimated and provided solely to assist you in finding a great lender. The monthly payment amount, Annual Percentage Rate (APR), and any other terms are based on standard Consumers Credit Union rates and terms for your NerdWallet provided credit score, zip code, and the other self-provided information. These terms may vary based on your credit history, your individual income, or other terms of the lender.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors like maximum rates, variety of loan options, visibility of borrower requirements, accessibility, speed of funding, fees and more.
Best for applicants who want to compare multiple new car purchase loan offers.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors like maximum rates, variety of loan options, visibility of borrower requirements, accessibility, speed of funding, fees and more.
4.0
Est. APR:
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
6.24 - 29.90%
Term: 24 - 84 months
You will be redirected to the partner's website.
The terms presented here are estimated and provided solely to assist you
in finding a great lender. The terms may vary based on the partner's terms
and conditions.
You will be redirected to the partner's website
The terms presented here are estimated and provided solely to assist you in finding a great lender. The monthly payment amount, Annual Percentage Rate (APR), and any other terms are based on standard Consumers Credit Union rates and terms for your NerdWallet provided credit score, zip code, and the other self-provided information. These terms may vary based on your credit history, your individual income, or other terms of the lender.
Auto Credit Express
New car purchase loan
Not yet rated
Best for new-car buyers who can’t qualify for a lower-rate loan through a traditional lender and need help finding a dealer with subprime lending.
Min score: 525
Amount: $5,000 - $50,000
Min. Amount$5,000
Max. Amount$50,000
Not yet rated
Est. APR:
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
Annual percentage rate (APR) represents the true cost of
borrowing money. It is your interest rate plus any loan fees,
and is expressed as a percentage.
N/A - N/A
Term: 24 - 84 months
You will be redirected to the partner's website.
The terms presented here are estimated and provided solely to assist you
in finding a great lender. The terms may vary based on the partner's terms
and conditions.
You will be redirected to the partner's website
The terms presented here are estimated and provided solely to assist you in finding a great lender. The monthly payment amount, Annual Percentage Rate (APR), and any other terms are based on standard Consumers Credit Union rates and terms for your NerdWallet provided credit score, zip code, and the other self-provided information. These terms may vary based on your credit history, your individual income, or other terms of the lender.
Your credit score plays a significant role in what your car payment will be, because it’s one of the biggest factors in determining your loan’s interest rate. The lower your credit score, the higher your interest rate will be. The more interest that’s included in your loan amount, the higher your monthly car payment will be.
If you get your free credit score, you can see what credit tier you fall into and the average monthly new and used car payment for borrowers in that tier. NerdWallet also provides the average car loan interest rate for your credit score.
Average monthly car payment by credit score
Credit score
Average monthly payment, new car
Average monthly payment, used car
Superprime: 781-850
$727.
$527.
Prime: 661-780
$754.
$519.
Nonprime: 601-660
$793.
$543.
Subprime: 501-600
$780.
$555.
Deep subprime: 300-500
$748.
$556.
Source: Experian Information Solutions, 3rd quarter 2025.
Many car buyers choose a longer loan term to lower their monthly car payment. That’s why the average car loan length is now nearly 70 months for both new and used cars. (NerdWallet recommends loan terms no longer than 60 months for new cars and 36 months for used cars, when possible.)
Stretching out the loan term to lower your car payment can cost you more in the long run, because cars tend to lose value over time. The recent car market has been unique with cars not depreciating as quickly, but in a normal market, cars lose around 20% to 30% of value in the first year. If you’re still paying on your car in year five or six, you could reach a point of being upside-down on your car loan, which means you would owe more on the car than you could get when selling it.
Also, a longer loan term can cost you more money overall. For example, compare a $25,000 used car loan with an interest rate of 9% for terms of 48 and 72 months. With the 72-month loan, the borrower would pay nearly $2,600 more in interest over the life of the loan.
Loan amount/APR
Term
Monthly payment
Total interest
$25,000/9%
48 months.
$622.
$4,862.
$25,000/9%
72 months.
$451.
$7,446.
Estimating your car payment
Average car loan statistics give you an idea of what to expect in the current car market, but your personal numbers will likely be different. Your actual car payment could be much higher, or much lower, than the average car payment per month reported by car and credit companies.
A good way to estimate what your car payment will be is to use our auto loan calculator. Input your own values for car price, trade-in amount, down payment, interest rate and loan term to see an estimated monthly car payment. Using an auto loan calculator is especially helpful if you're comparing loan offers from different lenders.
A calculator can also help you set a maximum vehicle price and interest rate to arrive at a car payment you can afford. A good rule of thumb is to spend no more than 10% of your take-home pay on a car loan payment when possible.
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