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Auto loan debt reaches $1.52 trillion Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and financial tools, publishing original and objective content. We also allow you to conduct your own research and compare information at no cost and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that pay us. This compensation could affect how and where products appear on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be open to you. Jackal Pan/Getty Images

3 min read Published on December 19, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down complicated subjects into digestible pieces. The Bankrate promise

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At Bankrate we aim to help you make better financial choices. While we adhere to strict journalistic integrity ,

This post could contain some references to products offered by our partners. Here’s how we earn money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track record of helping people make informed financial decisions.

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We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors focus on the things that consumers care about most — the different types of lending options and the most competitive 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. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors and reporters create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our goal is to provide readers with accurate and unbiased information, and we have standards for editorial content in place to ensure that this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you’re reading is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation by our advertising partners. Editorial Independence Bankrate’s editorial staff writes in the name of YOU — the reader. Our goal is to give you the most accurate advice to help you make smart financial decisions for your personal finances. We follow strict guidelines for ensuring that editorial content is not in any way influenced by advertising. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. So when you read an article or reviewing, you can trust that you’re getting credible and reliable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We continually strive to provide our readers with the professional advice and tools required to make it through life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial staff is objective, factual and uninfluenced by our advertisers. We’re transparent regarding how we’re in a position to provide quality content, competitive rates and useful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or through you clicking specific links on our site. This compensation could impact how, where and in what order items appear within listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, such as our own proprietary website rules and whether the product is available in your area or at your own personal credit score could also affect how and where products appear on this website. We strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. Third quarter 2022 was a continued investigation of the «new normal» after the pandemic, fear of the looming and the increase in debt for households. Particularly, the auto loan debt hit $1.52 billion. This makes up for more than 9 percent of the household debt. On top of that, to near pre-pandemic levels as per the third quarter report, with 60-day delinquencies for new car loans in the range of 0.48 percent and used automobile loans in the range of 1.17 percent. An unfortunate mixture of factors has created this increase of auto loan debt. One of them is supply chain issues, which have caused record-high vehicle prices. Second are across the board for borrowers. This is particularly true for those with who hold a higher likelihood of falling behind or missing payments. Statistics on delinquency and debt loan balances grew 7.6 percent in the 3rd quarter in 2022. The total across the United States average is $5210. Since the beginning of 2022 it has increased the rate has increased by 1.77 percent for a 60 month new car loan as well as 1.78 percent points on a used 48-month car loan. The amount of loans that are 30 days late were increased by 2.19 percent in the third quarter of 2022, compared with 1.66 percent in 2021. A loan that is 60 days delinquent have increased to 0.81 percent in the third quarter of 2022, compared the 0.55 percent in 2021. Men have 16.3 percent more than women. The total amount of automobile loan and lease value was 1.43 trillion by 2021 compared the 1.6 trillion for student loans.

A shortage of vehicles has driven prices up. The main reason for the rise in the amount of auto loan debt over the last few years has been fewer cars available, explains Bankrate chief financial analyst Greg McBride, CFA. «The shortage of new cars created a scarcity that pushed prices up and bled over into used vehicles as more car buyers moved toward this direction,» McBride says. As this trend has been building, «there was an explosion in the cost of paying and loan balances that were financed after the pandemic struck.» McBride furthers this argument by saying that there’s no better location to observe families that are living paycheck to paycheck than in the driveway. Drivers have been confronted with the cost of vehicles to be a result of supply chain issues that in turn has led to high-cost payments that are a burden on the budget. The impact of the economy on the state of the economy directly impacts the ability to purchase, finance and repay new or used cars in terms of cost and available interest rates. In addition, with nearly 43 percent of the economists forecasting that the recession will continue to increase over the next 12 to 18 months, it’s just one cost that will be more. However, even if people are able to finance a vehicle upfront due to the high interest rates, delinquency and credit card debt a probable possibility for many customers. In essence, as the economy grapples with steep inflation rates The government has been working to stop the problem by increasing rates of benchmarking. The benchmark rate, set to 4.25-4.5 percent in December. This rate determines the amount banks are able to charge for lending funds to banks that do not have a bank, which then affects interest rates for consumer goods like automobile loans. Although relief was offered in the form of vehicle prices declining, high rates can increase the amount of people falling behind on repayments and slipping in debt. There’s a conflicting perception between less expensive vehicles . But as optimistically shared in the article, serious automobile loan default rates are expected to decrease modestly to 1.9 percent in 2023 , down from 1.95 per cent in 2022. The average cost for drivers was about $700 monthly to purchase a brand-new car as well as $525 monthly as of this third quarter, 2022. The consumer price index sits at 298.1 at the mid-December timeframe, which is up from 278.9 last year. The average loan term for subprime lenders financing new vehicles was 74.25 during the 3rd quarter in 2022. Average interest rate for new vehicles for the quarter ending in March of 2022 averaged 5.16 percent and 9.34 percent for used cars. There’s the risk of 65 percent of a recession before the middle of 2024, according to a .

How to get out of debt Although debt may feel inescapable there are still concrete you can take to dig yourself out of the hole that missed or late payments have created. Americans have an average debt of $96,371 by 2021- so if you have fallen into deep debt there’s no reason to feel alone. Use these suggestions when trying to remove yourself from the debt. Consider debt consolidation An consolidating debt loan is a form of your debt. With it, you can reduce the cost of interest and help you pay back your debt faster. To locate the most effective debt consolidation loan there are a few options. Like any loan one should seek preapproval in order to secure the best rate possible. Review your budget if you owe more than you have in your bank account it might be the perfect time to . In order to adjust your spending begin by taking an inventory of how much you spend and what you’re spending it on. Try and eliminate common cost items you could eliminate or cut back. Any extra money that is piled up can be used to repay your debt. Make a request for loan modification If you are at risk of falling behind in your car loan It is a means to alter the terms of your current loan to better suit your financial needs. Different from , this process is handled with your existing lender and will directly change the loan terms. Keep in mind that not all lender will be willing to change the terms of the terms of a loan and you might need to provide proof of your financial hardship.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances by providing concise, well-researched and well-researched content that breaks down otherwise complicated subjects into bite-sized pieces.

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