"Affordable Car Loans on the Rise: Experian Reveals Surprising Trends New data from Experian is shedding light on the state of car financing in the US, and the numbers may come as a surprise to many. According to the credit reporting agency, nearly one in five car deals now feature monthly payments of $500 or less. However, a closer look at the data reveals that these affordable loans often come with conditions, such as requiring a significant down payment, purchasing a less expensive vehicle, and boasting an excellent credit score. As the auto market continues to evolve, this trend could have significant implications for car buyers and lenders alike."
Monthly payments below $500 happen on a fifth of deals, but typically require large down payments, less expensive vehicles and high credit scores, Experian data shows.
