The average monthly loan payment for a new car is approaching $600, according to Experian, which analyzes millions of new- and used-vehicle loans.

"We went up higher amounts year over year in 2020 than we ever really have before and hit record highs in loan amounts and record highs in payments," said Melinda Zabritski, senior director for Experian’s automotive financial solutions team.

Experian’s latest auto financing report covers the fourth quarter of last year, when new-vehicle sales improved but were still well below the sales pace in 2019.

Nonetheless, those taking out loans to buy a new vehicle borrowed an average of $35,228, an increase of almost $2,000 from a year earlier. As a result, monthly loan payments jumped $13 to a record high of $576, according to Experian. Loans for used vehicles also hit all-time highs, with consumers borrowing an average of $24,467, up almost $1,700 year over year.

Experian said monthly payments for used auto loans jumped $18, to $413 — the first time the average topped $400.