Borrowers are spending more to finance car purchases across the board, but poor credit ratings can drive the cost up by up to $12,000, a recent report by Jerry said.
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High interest rates have pushed auto loan payments to record highs across the spectrum of borrowers, but those with poor credit can pay up to $12,000 more, a recent , leading to increased borrowing costs. Both new and used annual percentage rates reached levels not seen since the Great Recession, according to Edmunds Higher interest rates mean borrowers are on average spending roughly $736 a month on auto loans, according to Edmunds.
One way to take control of car ownership costs is by making sure you are paying for the insurance you need. Shopping around for new auto insurance could help lower your costs.Auto loan payments that were past due 90 days or more hit 2.4% in the second quarter of 2023, the highest level in more than a decade, according to Jerry. These delinquencies were concentrated among people with subprime credit ratings.
"That tightening marked a reversal from the aftermath of the Great Recession, when lenders were eager to offer auto loans to just about anyone after default rates on auto loans during the financial crisis came in much lower than those on houses and credit cards," Hoenig said. "The banks were eager to lend because loans to people with subprime credit ratings are highly profitable.
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