(Bloomberg) -- The average size of a loan for a new car or truck in the U.S. set a record in the first quarter as did the average monthly payment, according to database firm Experian PLC.

Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.

Additionally:

• Outstanding loan balances reached a record high of $1.108 trillion
• Loans for used vehicles reached $19,536, also a record

“The dream of owning a new vehicle is becoming more elusive,” said Melinda Zabritski, senior director of automotive financial solutions at Experian.

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net

To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Vincent Del Giudice

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