Average monthly payments are $515 for new and $371 for used vehicles Rising car prices contribute to higher payments but longer loan terms temper the monthly increase Auto finance calculators will help estimate what may work for you With a car payment likely to be one of your highest monthly expenses, it’s important to know what you may be able to afford before financing a vehicle for the next several years. Rising car prices make buying a new vehicle more challenging for many Americans and, along with increasing loan amounts, have contributed to the current trend of higher monthly payments. Average loan amounts are up to $31,099 for new and $19,589 for used cars, according to Experian data for the last quarter of 2017, and the average car payment is $515 and $371, respectively. So buyers are increasingly turning to longer loan durations to offset these costs and make their payment more affordable. New and used car loans have crept up to 69 and 64 months on average, while … [Read more...] about What is the average car payment, and what can you afford?