A new survey from SBA Disaster Loan Insurers has revealed how much people can expect to pay on their car loans, and the average amount people will end up paying on their loan.
The survey was conducted by SBA Emergency Loans & Finance and shows how many people can pay back their loans, or how much they will be paying on them in the future.SBA Emergency Loan Insurer survey resultsA total of 7,000 people participated in the survey, which was completed between September 30 and October 5.
They were asked to fill in a series of questions about how they were affected by the financial crisis.
The responses were divided into four categories, which were as follows:Car loan terms (as of September 30): The average monthly payment for the average person in their loan was $1,700.
Car loan repayment (as at September 30)The average monthly payments for the typical person in a car loan were $1.15.
Average monthly payment amount of a typical person who is paying off their loan (as per their car loan term): The typical monthly payment was $2,300.
The average annual payments for a typical car loan had increased by 3.8 per cent compared to the same time last year.
Total costs for a normal car loan, with a car that’s currently on loan and no outstanding payments:The average amount of the average car loan is $1