Drivers are increasingly likely to favor leases or long-term loans in an effort to get a high-quality vehicle with an affordable monthly payment, according to the auto data company Experian Automotive.

In its latest "State of the Automotive Finance Market" report, Experian Automotive found that 27 percent of all new vehicle transactions in the third quarter of 2015 were leases. This share was up slightly from the third quarter of 2014, when 24.7 percent of new vehicle transactions were leases, and at its highest point since the company began tracking data publicly in 2006.

Auto payments showed little year-over-year change. The average monthly amount for a lease in the third quarter of 2015 was $398, only one dollar more than the same quarter in 2014. The average monthly payment for a new vehicle was $482, or $12 more than the previous year, while the average used vehicle payment climbed $3 to $361.

The average interest rate on a new vehicle loan was 4.63 percent. The average rate was 8.76 percent for a used vehicle.

"As the price for a new or used vehicle continues to rise, leasing has become a more viable financing option for consumers looking to maintain an affordable monthly payment," said Melinda Zabritski, senior director of automotive finance at Experian. "While consumers can save an average of $84 per month by leasing rather than taking out a loan on a new vehicle, they should make sure leasing fits their lifestyle. Oftentimes there are mileage caps and other considerations that consumers should familiarize themselves with before entering into a leasing agreement."

Drivers were also willing to finance more for a new or used vehicle. Among new vehicle buyers, 86.6 percent financed some part of their purchase. Borrowers took out an average loan of $28,936 to purchase a new vehicle in the third quarter of 2015, a year-over-year increase of $1,137. The average amount financed for a used vehicle was $18,866, an increase of $290 from the third quarter of 2014.

The report found that people are also more likely to take out a loan with a long repayment period in order to finance a vehicle. About 44 percent of new vehicle buyers took out a loan of 61 to 72 months, while 41 percent of used car buyers took out a loan of the same length.

A total of 27.5 percent of new vehicle buyers used a loan of 73 to 84 months, a 17.1 percent increase from the previous year and a record high for the third quarter. The share of used car buyers using a loan of this length was 16.2 percent, an all-time high and a 12 percent increase from the third quarter of 2014.

Captive lenders, or lending companies owned by automakers, were more prevalent. While these companies financed 36.8 percent of new vehicle loans in the third quarter of 2011, their share was up to 51.6 percent in the third quarter of 2015.

"Captive lending has made a comeback since suffering a steep drop-off caused by declining new sales and lender-type shifts during the recession," said Zabritski. "This is good news for manufacturers, as their captive finance companies often provide an additional source of revenue as well as a strong pipeline to credit for dealer networks."

Bank loans accounted for 34.7 percent of new and used vehicle loans combined. The report says that finance companies, which usually serve customers with subprime or deep subprime credit scores, accounted for 13.34 percent of auto loans during the quarter.

The average credit score among buyers seeking a new vehicle loan dropped to 710. This average was at its lowest point since the third quarter of 2007.