New vehicle financing set five records simultaneously in the third quarter of 2026, with buyers financing more, paying more per month, stretching loans further and committing to four-figure monthly payments at unheard of rates, according to Edmunds.

The average amount financed for a U.S.-sold new vehicle climbed to a record $44,664 in Q3, up from $44,156 in Q2 and $42,744 a year earlier. The average monthly payment rose to a record $787, and the share of buyers committing to monthly payments of $1,000 or more reached a record 21.2%, accounting for more than one in five financed new-vehicle purchases.

Loans with terms of 84 months or longer accounted for a record 25.5% of financed new-vehicle purchases, up from 23.9% in Q2. And the average total interest paid over the life of a new-vehicle loan reached a record $9,938, even as the average APR held steady at 7% for the third consecutive quarter — underscoring that rising costs are driven by larger loan amounts and longer terms, not higher rates.

“What we’re seeing in the data is a remarkable display of consumer resilience against a very stretched financing landscape,” writes Jessica Caldwell, Edmunds’ head of insights. “Even as monthly payments hit record highs, loan terms stretch to historic lengths, and four-figure monthly payments become more common, buyer demand for new vehicles hasn’t dropped off.”

Referring to the Trump administration’s recently finalized CAFE standard rollback, “Any potential relief is welcome in an affordability environment like this,” Caldwell adds, “but changes to fuel economy requirements don’t necessarily translate into lower prices on dealer lots.”

Read the full report at Edmunds