Experian’s latest auto finance report finds U.S. consumers’ monthly payments ticked up for new vehicles and down for used, corresponding with minimal changes in loan amounts.

In the third quarter, the average payment increased 0.68% to $737 — a difference of only $5 per month — compared with Q3 2023. In the same period, the average amount financed increased by 1.8% to $41,068.

The average amount financed for pre-owned vehicles fell by 4.4% to $26,091. The average monthly payment was $520, down 3.3% from Q3 2023.

Other highlights include:

• Captive finance companies remained the No. 1 auto finance source in Q3 with 29.1% of the market, followed by banks (25.8%) and credit unions (21.2%).
• Average credit scores continued to improve, up two points each for new (755) and pre-used (694).
• Superprime credit customers added market share, accounting for 46.2% of all in Q3, up from 43.3% in the year-ago period.

Read the full report at Experian