New Data Reveals Hidden Truth About Affordable Car Loans. A recent analysis by Experian sheds light on the surprising reality behind car loan deals that come with manageable monthly payments. While nearly one in five car purchases now feature monthly payments under $500, a closer look at the data reveals that these deals often come with a catch. Typically, buyers must put down a significant down payment, opt for a less expensive vehicle, and boast an excellent credit score to qualify for these affordable loan terms.
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.
