Monthly New-Car Loans Jump 57% in Four Years 

By Staff Writer June 28, 2024 366

The average new-car buyer in December 2023 is paying $323, or 57.1% more per month for an auto loan than the average new car buyer from December 2019, according to the 2024 Alkami Telemetry Data Report released on June 26.

The research, from Alkami Technology Inc., a cloud-based digital banking solutions provider for financial institutions in the U.S., examines the high interest rate environment and its impact on consumers and financial institutions. The transaction data was compiled from an aggregated panel of more than 2.5 million account holders. The data was supplemented by an Alkami-commissioned research study, conducted in partnership with The Center for Generational Kinetics that surveyed 1,500 digital banking consumers in the U.S., to assess how the current macroeconomic environment has impacted attitudes and behaviors of the different generations.

The findings show 67% of digital banking Americans say the rising interest rate environment has had a significant impact on their standard of living and 59% are living paycheck to paycheck.

As U.S. consumers are facing a credit reliance with rising levels of debt reaching over $17T by the end of Q1 2024, the report highlights trends relating to common consumer deposits, and credit products like mortgages, home equity lines of credit (HELOCs), auto loans, credit cards and buy now pay later (BNPL).

Rate this item
(0 votes)
Last modified on Wednesday, 03 July 2024 10:35