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Americans paying 25% more towards car loans than 10 years ago
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Americans with new car loans are paying about 25% more for their vehicles every month compared with a decade ago, according to a new investigation from Consumer Reports, with auto loan debt in the US now surpassing $1.4tn.
The investigation found that thousands of borrowers were charged with high interest rates even if they had a good credit score.
Consumer Reports used data from nearly 858,000 auto loans from 17 major lenders that were bundled into bonds and sold to investors. The data includes details such as when a loan was issued, income level, credit score, monthly payment and employment status. The data analyzed for the investigation did not specify borrowers’ racial identity. A majority of the loans were arranged through a dealership,
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