The average new-car loan payment in the US hit $787 a month from April to June, breaking the previous record of $777 set in early 2026, according to Edmunds. A record 21 percent of car owners pay at least $1,000 a month for a new or used car, and 25.5 percent of new-car buyers financed with 84-month loans. With the average new car costing $44,664, borrowers pay an average of $9,938 in interest over the life of their loans. Edmunds' Ivan Drury warned that longer loan terms require weighing the total cost against one's budget. KBB said new-car prices may level off next year, but the Federal Reserve's 0.25-percentage-point rate hike in October could still raise borrowing costs for car buyers.
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