New car payments reach record average of $770 nationwide

It pays to have good credit when paying for a new vehicle.

While the average monthly cost for a new car payment increased to a record average of $770 nationwide, a 2.9% jump over last year, those with high-end credit scores were found to be paying less, according to a new report from Lending Tree citing credit data obtained from Experian.

Considered super-prime borrowers for owning credit scores ranging between 781 and 850,  consumers in this category paid about $753 monthly for a new ride, the lowest payments among borrowers with varying tiers of credit scores.

However, those with credit scores on the opposite end, subprime borrowers in the 501 to 600 range, paid a monthly average of $811 for a new car, while nonprime credit holders averaged about $792 monthly.

Other findings rolled out in the report indicate the average auto loan for a new car was just about $44,000 in the first quarter of 2026, with buyers in the prime credit tier, credit scores ranging from 661 to 780, taking out the largest new car loans averaging just over $46,000.

Auto loan debt nationally totaled roughly $1.7 billion in the first four months this year, a whopping 57% increase from the first quarter of 2016 when the total owed by consumers eclipsed $1billion, according to the Federal Reserve Bank of New York.

Next to mortgage debt, auto loans account for the second-highest amount of consumer debt, about 9% overall. Student loan debt runs a close third just behind vehicle debt.

Consumers in their 30s and 40s were also found to have accumulated the highest auto loan debt in the first quarter of 2026, combining for nearly $79 billion in loans.

Higher sticker prices for vehicles, both new and used, have contributed to the increase in auto loan debt nationwide. Consumer Price Index inflation data released in May indicate new vehicles prices to be up slightly, 0.2% over last year, though prices for used vehicles have dropped about 2% from a year ago.