Nearly 19% of New Vehicle Loans Now Have Monthly Payments of $1,000 or More, Experian Data Show
Nearly one in five new vehicle loans in the United States now carries a monthly payment of at least $1,000, driven predominantly by non-luxury pickup trucks and sport utility vehicles, according to new data from Experian Automotive. The share of such loans has more than tripled over the past five years, reflecting sustained high vehicle prices and shifting consumer expectations.
Non-Luxury Models Dominate High-Payment Loans
Experian Automotive’s analysis of over 5 million open auto loans and leases from the first quarter of 2026 found that roughly 19% of new vehicle loans require a monthly payment of $1,000 or more, up from approximately 17.4% a year earlier. Contrary to common assumptions, nearly 74% of these high-payment loans are for non-luxury models. The top five vehicles in this category are popular pickup trucks: the Ford F-150, Chevrolet Silverado 1500, and Ram 1500.
“The assumption is that it’s all luxury, it’s high-line, and that is not the case,” said Melinda Zabritski, head of automotive financial insights for Experian Automotive.
Average Loan Amount and Monthly Payment Hit Record Highs
The average amount borrowed for a new vehicle has reached an all-time high of $43,952, while the average monthly payment has also climbed to a record $770, according to Experian. Just five years ago, loans with payments over $1,000 accounted for only 5.4% of the market. The global semiconductor shortage in 2021 and 2022 prompted automakers to prioritize production of higher-end, more profitable models, driving up vehicle prices and loan amounts.
Zabritski noted that consumers are gradually adjusting to the higher cost of financing. “We haven’t seen a reduction in that MSRP, and in those high loan amounts,” she told CNBC. “I think as time goes on, I think more consumers are getting used to the $1,000 payment.”
Delinquency Rates Edge Higher but Remain Below 2018 Levels
Auto loan delinquencies are rising modestly. The percentage of new vehicle loans with payments more than 30 days late has edged up to 2%, while the 60-day delinquency rate has also increased. However, Zabritski emphasized that overall delinquency rates remain below 2018 levels. “The driving force in the 60-day delinquency really does fall within the subprime market,” she said. “Lower credit scores are going to have a higher likelihood of default.”
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