Here is what Americans pay each month on car loans, what Experian’s data shows by age group and generation, and what no one currently publishes. The payment figures come from Experian’s auto finance data; the by-age figures are labelled for what they actually measure, because a loan balance is not a monthly payment.
New vs. Used Car Payments (Q2 2026)
| Vehicle Type | Avg Monthly Payment | Avg Loan Amount | Avg Interest Rate | Avg Term |
|---|---|---|---|---|
| New vehicle | $765 | $43,610 | 6.35% | 69.5 months |
| Used vehicle | $542 | $27,852 | 11.19% | 67.9 months |
Source: Experian, Average Car Payment (updated Sep 10, 2026), based on its State of the Automotive Finance Market report for Q2 2026. These describe new loans. Experian says 83% of new-car buyers and 38% of used-car buyers financed their purchase that quarter.
For all auto loans outstanding, not just new ones, Experian put the average payment at $697 a month in March 2026, up 3.2% from $675 in March 2025. Source: Experian, Average Auto Loan Debt study (Sep 8, 2026).
Car Payment by Age: What the Data Shows
Experian is the only source we found that reports car loan figures by age group, and it groups people by generation. Two caveats up front: Experian’s current by-generation tables report balances, not monthly payments, and its last published monthly payment by generation is from the start of 2022.
Monthly payment by generation (start of 2022)
| Generation | Avg Monthly Auto Payment, start of 2022 |
|---|---|
| Gen X | $637 |
| Millennials | $547 |
| Gen Z | $429 |
Source: Experian, How Auto Loans Compare by Generation (Sep 13, 2022). Payments are higher today (the national average across all loans rose from $646 in March 2024 to $697 in March 2026), so treat these as a picture of how generations compare, not of what each pays now. Experian’s article does not give a 2022 figure for baby boomers or older.
Auto loan balance and share with a car loan by generation (June 2025)
| Generation (ages as of 2025) | Share with an auto loan | Avg auto loan balance |
|---|---|---|
| Gen Z (18-28) | 40.9% | $20,893 |
| Millennials (29-44) | 68.4% | $25,307 |
| Gen X (45-60) | 71.3% | $27,836 |
| Baby boomers (61-79) | 64.3% | $22,583 |
| Silent Generation (80+) | 41.7% | $17,180 |
Source: Experian, Average American Debt by Age (Nov 19, 2025), data from June 2025. The balance is what is still owed on the loan, not the monthly payment, and the share counts people with a credit file who currently have an auto loan.
Experian’s March 2026 data points the same way: the average auto balance across all borrowers was $24,909, and Gen X carried the highest balance, at about $28,000.
What this tells you, and what it doesn’t
- Balances and loan ownership both peak in the middle years (Gen X and millennials), and fall for older generations who have paid loans off or stopped borrowing.
- The 2022 payments follow the same order, with Gen X highest, which is consistent with larger balances.
- No source we could cite gives a current average monthly payment for each age group, and we do not estimate one. The Federal Reserve’s Survey of Consumer Finances and the New York Fed’s household debt reports cover car loans by age, but the Fed’s by-age tables are in spreadsheets we could not quote line by line and the New York Fed shows its by-age auto figures only as charts, so we left them out rather than guess.
Average Payment by Credit Score (Q2 2026)
| Credit Score Range (VantageScore 4.0) | New Car Monthly Payment | Used Car Monthly Payment |
|---|---|---|
| Super prime (781-850) | $741 | $534 |
| Prime (661-780) | $770 | $528 |
| Near prime (601-660) | $816 | $555 |
| Subprime (501-600) | $805 | $567 |
| Deep subprime (300-500) | $779 | $570 |
Source: Experian data as of Q2 2026. Payments stay in a narrow range across scores because lower-score borrowers pay higher rates but borrow less.
How a Payment Is Worked Out (Illustration)
A fixed-rate car loan payment follows the standard loan formula. This table is a wealthvieu calculation, not an Experian figure: it plugs Experian’s Q2 2026 average loan amount, rate and term into the formula.
| Loan | Amount | Rate | Term | Calculated payment | Experian’s reported average |
|---|---|---|---|---|---|
| New vehicle | $43,610 | 6.35% | 69.5 months | about $752 | $765 |
| Used vehicle | $27,852 | 11.19% | 67.9 months | about $556 | $542 |
The results land within about $14 of Experian’s averages. They will not match exactly, because an average of many real payments is not the payment on an average loan.
Rate and term move the payment too. Experian’s own example: a $30,000 loan over 48 months costs $718.39 a month at 7% and $760.88 at 10%.
Is Your Car Payment Too High?
There is no official standard for a “right” car payment. Useful comparisons are the averages above for the same loan type and credit tier, and your payment as a share of your own take-home pay. Insurance, fuel and maintenance come on top of the payment, so count them too. A bigger down payment, a cheaper vehicle, a shorter term or a refinance at a lower rate all reduce what you pay in interest or each month; compare the total cost of the loan, not just the payment.
Related: Average Debt by Age | Average Expenses by Age | Financial Milestones by Age
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy