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The Average Used Vehicle Payment
Posted on: 09/26/2017
Edmunds.com found the average loan term for August 2017 remained the same as August 2016. The average loan term was 66.7 months.
On the other hand, the average monthly payment, amount financed, APR and down payment all increased slightly.
| August 2017 | August 2016 | |
|---|---|---|
| Monthly Payment | $382 | $376 |
| Amount Financed | $21,091 | $20,905 |
| APR | 7.5% | 7.4% |
| Down Payment | $2,480 | $2,313 |
Thinking About Buying a Car?
Our Car Buying Service can help save you money on your vehicle purchase. Members have saved an average of $3,106 off MSRP on new vehicles.*
* Between 7/1/16 and 9/30/16, the average estimated savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2016, was $3,106. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer's Suggested Retail Price ("MSRP") is determined by the manufacturer, and may not reflect the price at which vehicles are generally sold in the dealer's trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Your actual purchase price is negotiated between you and the dealer. TrueCar does not sell or lease motor vehicles.