![]() The average length of new auto loans has increased from 60 months in 2012 to 68 months in 2022.The average monthly payment on a new auto loan rose 48% over the last decade, from $405 in Q4 2012 to $598 in Q4 2022.The average new auto loan in California is now over $34,000, a full $7,300 more than it was just 3 years ago.Key Findings on Auto Loans (for new or used cars) This Data Point uses nominal dollars, but the California Credit Dashboard includes an option to adjust for inflation. The Dashboard data generally spans from Q1 2004 through Q4 2022. The figures can be sorted by 7 age groups, 9 economic regions, and now by 5 credit ratings. This new version of the Dashboard includes 9 longitudinal charts for 6 types of debt (auto, credit card, home equity, mortgage, student, and other) and collections. ![]() This doesn’t bode well for Californians, especially when you consider how important having a car is for work, school, and household errands.”ĬPL also published updated research on Californians’ financial health to the California Consumer Credit Dashboard, including new charts focused on foreclosures, auto repossessions, and credit card usage, as well as a map of delinquency trends by county. “These trends are especially troubling given the expiration of pandemic-era income supports that helped prop up the balance sheets of low and middle-income households. “Monthly payments on new loans are up a whopping 48% since 2012,” explains co-author Evan White, the Executive Director of the California Policy Lab at UC Berkeley. There has been a 36% increase in the number of Californians who have auto loans, and the size, length, and monthly payments for these loans have all grown considerably as well. Berkeley, CA, ApA new Data Point released today by the nonpartisan California Policy Lab (CPL) shows across-the-board increases in auto lending in California during the past ten years.
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