Car prices have skyrocketed during the pandemic, but haven’t really fallen. Consumers are still paying outlandish amounts on average for both new and used vehicles, and that’s unlikely to change anytime soon.
According to a new one Experian report, average car loan payments $748 per month for a new vehicle in the third quarter of 2025. That’s $1 less than the second quarter, but $12 more than the same period in 2024, with an average loan amount of $42,332.
Although the average is high, not everyone pays the same. Near-prime borrowers, those with credit scores between 601 and 660, pay the highest average car payment: $793. Superprime borrowers (781-850) pay the lowest at $727, followed by deep subprime buyers (300-500) at $748 per month.
Those deep subprime buyers also pay the highest interest rates while securing the smallest new car loans: an average of 15.85 percent and $35,286. Near-prime borrowers had the highest new car loan amount, at $44,526.
| Credit score range | Average new monthly car payment | Average interest rate for new car loans | Average amount of new car loan | Average new loan terms (months) |
| Super Prime (781-850) | $727 | 4.88% | $40,534 | 64.80 |
| Prime (661-780) | $754 | 6.51% | $44,480 | 72.21 |
| New prime (601-660) | $793 | 9.77% | $44,526 | 75.03 |
| Subprime (501-600) | $780 | 13.34% | $39,841 | 74:30 |
| Deep subprime (300-500) | $748 | 15.85% | $35,286 | 72.66 |
The prices of used cars have also risen in recent years, which has led to higher monthly costs. Last quarter, consumers paid a average $532 on a loan of $27,128. But just like new car buyers, several factors can determine what someone pays.
Deep-subprime buyers pay an average of $556 per month, compared to $527 for super-prime buyers. That’s a difference of €348 per year. Buyers of deep subprime products also pay the highest interest rate – 21.60 percent – for a $21,149 loan.
Not only is finding a car a hassle, but so is financing it. Your credit score can have a big impact on what kind of vehicle you can buy and how much you pay per month. As with most things, if you can, you should look for financing before shopping for a new or used vehicle so you can take the time necessary to make the right financial decision.
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