The cost of car payments is on the rise, and truck purchases are a major factor. According to a recent report, the average car payment is now over $550 a month, and some buyers are paying over $1,000 a month for their vehicles.
The report, which was conducted by the automotive research firm Edmunds, found that the average car payment has increased by nearly 10% since last year. This is largely due to the increasing popularity of trucks, which are typically more expensive than other types of vehicles.
The report also found that the average truck payment is now over $700 a month, and some buyers are paying over $1,000 a month for their vehicles. This is a significant increase from last year, when the average truck payment was just over $600 a month.
The report also found that the average length of a car loan has increased from five years to six years. This is due to the fact that buyers are taking out longer loans in order to keep their monthly payments lower.
The report also found that the average down payment for a car has increased from $3,000 to $4,000. This is likely due to the fact that buyers are having to put more money down in order to qualify for a loan.
Overall, the report found that the cost of car payments is on the rise, and truck purchases are a major factor. This is likely due to the fact that trucks are typically more expensive than other types of vehicles, and buyers are having to take out longer loans in order to keep their monthly payments lower. As a result, some buyers are now paying over $1,000 a month for their vehicles.
