New Data Reveals the Elusive $500 Monthly Car Payment A recent analysis by Experian has shed light on the elusive goal of keeping monthly car payments under $500. According to the data, nearly one in five car deals now fall within this budget-friendly range. However, buyers who are able to secure these affordable payments often have to make significant sacrifices, including putting down large down payments, opting for less expensive vehicles, and boasting high credit scores. This finding highlights the trade-offs that consumers must make in order to achieve the coveted goal of a low monthly car payment, and may prompt buyers to reassess their priorities when shopping for a new vehicle.
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.
