Do Americans buy cars on finance/loan/debt?

According to CNW Market Research, one of the auto industry's leading research companies, more than 91% of new car purchases involved financing of some kind. Ican "Online Financing Grows in Popularity" http://www.ican.com/news/fullpage. read more

Mostly Americans buy cars on finance because it’s better than taking loan. They get better interest rate and money. The lender may not finance the entire purchase price and require you to put some money down towards the purchase, which again lowers their risk. read more

According to Experian, the average monthly payment for a new car auto loan rose $11 to $471 in the fourth quarter; the average monthly payment for a used car loan edged $4 higher, to $352. Not surprisingly, those with subprime credit ratings—credit scores between 550 and 619—had the highest average monthly payment, of $499. read more

Americans’ increasing auto loan debt comes along with increasing total household debt, which rose by $193 billion (1.5%) from the third quarter of 2017 to a total $13.15 trillion at the end of 2017. read more