Auto loan payments soared to yet another record in the first quarter

Before the coronavirus pandemic slammed the brakes on the economy, U.S. consumers agreed to record monthly auto loan payments, according to a new report from Experian.

New vehicle buyers in the first quarter agreed to an average monthly loan payment of $569. The average amount borrowed hit a record high of $33,739.

Used vehicle loans also climbed to all-time highs, with the average monthly payment hitting $397, and the average amount for an auto loan rising to $20,723.