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American Auto Loans hit Record Levels
autoguide.com No, you’re not imagining things. Both new- and used-vehicle prices are on the rise and American motorists are paying more than ever to purchase cars and trucks. The latest numbers reported by Experian Automotive indicate that in the third-quarter of 2014 the typical new-vehicle loan increased nearly $1,100. The average amount borrowed by drivers now totals $27,799. Think going pre-owned is the smarter route? It probably is though unfortunately the news from dealers’ used-car lots isn’t much better. Second-hand-vehicle loans also grew. On average they now total $18,576. Naturally the reason loan amounts continue to rise is that vehicle prices are steadily increasing. According to Experian Automotive the average amount paid for a new vehicle now exceeds $31,000. to read more: autoguide.com
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