Inflation and the down turning economy is affecting many different areas of life, including car payments.
An NBC News report shows that the average monthly payment for a new car is now $718 a month nationwide, which is up 26% since 2019.
On top of that, roughly one in six new car buyers is paying more than $1,000 per month.
During an appearance on the Jim and Rick Show last week Kyle Bryntesen, the Businesses Development Officer at Shoreline Hometown Credit Union explained that, based on what he is seeing within his organization, our area is well below that national average.
“Our average loan payment on a vehicle is around $375 per month, so about half of that national average, give or take,” Kyle noted.
For those who are falling behind on their car payments, Bryntesen has one key piece of advice.
Kyle Bryntesen
“Just open communication,” he said. “We are people, you are people. We want to help, that’s why we are here. Tell us what’s going on. We can certainly work with you, and see your situation human to human, as opposed to a computer making those decisions.”
To learn more about how Shoreline can help, visit ShorelineCU.org.
You can text chat with a representative on their website, or you can call 920-482-3700.
To hear the full interview, visit TheJimAndRickShow.com.
