Americans are increasingly accumulating large debts on car loans. Car loans have become even more popular for new SUVs on the car market. Why are SUVs so popular in USA?
In 2019, the average amount borrowed for a new car was $31,299. In general, the total loan amount for all US lenders in 2019 is more than 1 trillion. dollars. We can say that half of the US population relies on a loan to finance the purchase of a car.
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