New car financing hit a new high in the third quarter, with buyers borrowing record amounts to fund vehicle purchases, according to auto review platform Edmunds.
The average amount financed for a new vehicle was a record $44,664 in the third quarter, up from $42,744 in the third quarter of last year, Edmunds said in an Oct. 1 statement.
In addition, a record 25.5 percent of new vehicle financing was in loans with a term of 84 months or more. This is up from 21.8 percent a year ago.
Monthly payments on new vehicles are also setting records. In the third quarter, the average monthly payment on new vehicles was $787, a new high. New car buyers are agreeing to $1,000-plus monthly payments at higher rates, according to Edmunds….