SCHAUMBURG, Illinois — The Ford Escape, Honda Accord, Honda Civic, Toyota Camry and Toyota RAV4 are the top five most popular models to lease, according to a new report from Experian Automotive.
The Chevrolet Silverado 1500 pickup truck and Ford Fusion midsize sedan had substantial gains in leasing in the fourth quarter of 2015, the report said.
The latest State of the Automotive Finance Market report also noted that the average amount financed and the average monthly payment for new vehicles in the fourth quarter rose to their highest level since Experian Automotive began tracking the data in 2008.
The average amount financed for a new vehicle in the fourth quarter of 2015 was $29,551, up $1,170 from the same time a year ago.
The average monthly payment rose to $493, up from $482 in the same time period.
"Average dollar amounts for new-vehicle loans are soaring," said Melinda Zabritski, senior director of automotive credit for Experian Automotive in a statement.
The average interest rate for a new-vehicle loan was 4.63 percent, while the average interest rate for a used-vehicle loan reached 8.78 percent, the report found.
Average loan terms for new and used vehicles held steady at 67 months and 63 months, respectively.
Edmunds says: Car shoppers get some critical new information about financing and what other consumers are leasing before they head out to the dealership.