Average Car Payment for 2016

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What is the average new car payment today?

Get a new Chevy for well-under the 2016 average new car payment.
Ron Westphal Chevrolet offers new Chevrolet models for well below the 2016 average new car payment.

Well, according to Experian the average car loan has a payment of $495 per month.  That’s $13 more than last year.  CNBC puts the average new car payment at $503.  And, that’s the first time the an average auto payment is over $500.  No matter how you slice it, the payment is around the $500 mark.  2016’s used car payments average about $362.

Do you need to pay $500 to get a great car?

The simple answer is “No.” Ron Westphal Chevrolet offers a complete line-up of vehicles that offer payments well below the $500 average.  Even if you have no money down!*  And, don’t worry.  You don’t have to drive a tin can anymore.  Nearly all our new models offer ice-cold air conditioning, power windows, locks and mirrors, tilt and telescoping steering wheel, MyLink Color touch screens with bluetooth and 4G LTE WIFI and many more standard features..

Would you like to lower your current auto payment?  Call our Customer Care Team at 630-898-9630 or visit us online.

The average price for a vehicle loan continued to rise, with the typical amount for a used vehicle loan increasing from $18,866 in the third quarter of 2015 to a record high of $19,227. The average new vehicle loan for the quarter was $30,022, up $1,086 from the previous year.

The typical loan for a new vehicle was 68 months while a used vehicle loan had an average repayment period of 66 months; both were one month longer than the previous year. The average term of a new lease was 36 months, also one month longer than the third quarter of 2015.

*Car payments vary and depend on many factors such as model selected, credit history, term, downpayment and more.  Call our Customer Care Team at 630-898-9630 for details.

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