Nearly one-third of new vehicle transactions in the United States in the first three months of 2016 were leases, according to Experian Automotive. The increasing prevalence of leasing comes as the average loan amount for new vehicles purchased during the first quarter hit an all-time high.

Experian Automotive, an information and market intelligence arm of the credit bureau Experian, said in its latest "State of the Automotive Finance Market" report that 31.1 percent of new vehicle transactions between January and March were leases. This share was up from 26.7 percent in the first quarter of 2015. Leases accounted for only 3.98 percent of used vehicle transactions, but this share was up from 3.9 percent in the first quarter of 2015.

"The continued rise in new vehicle costs have kept many consumers exploring options to keep their monthly payments affordable," said Melinda Zabritski, senior director of automotive finance at Experian. "As long as vehicle prices continue to rise, we can expect leasing rates to grow along with them. However, consumers need to understand the nuances of their lease agreements and make sure that leasing fits their lifestyle."

The average new vehicle lease had a term of 36 months, unchanged from the previous year. The typical lessee had a monthly payment of $406, just one dollar more than a year ago.

Zabritski says the increasing popularity of leases comes as the prices and repayment periods for vehicle purchases have increased. The average loan for a new vehicle was $30,032, up $1,321 from the first quarter of 2015. The average loan term for a new vehicle was 68 months, up one month from a year ago.

The monthly payment for a new vehicle also hit an all-time high of $503 in the first quarter of the year. This payment was up $15 from the previous year.

Used vehicles were more affordable, but these prices were also up compared to the first quarter of 2015. The typical used vehicle sold through a franchise dealer was $20,723, while the typical used vehicle sold through an independent dealer was $16,124. Both figures were record highs for the first quarter.

The typical loan period for a used vehicle purchase was 66 months for franchise dealers and 58 months for independent dealers. Each average term was one month longer than in the first quarter of 2015.

The average monthly payment for a used vehicle purchased through a franchise dealership was $376, a year-over-year increase of $8. Among independent dealers, the average payment for a used vehicle purchase was $351 – $6 higher than the year before.

Used vehicle loan payments were more likely to vary depending on the buyer's credit score. The average monthly payment for a used vehicle among all dealerships was $353 for prime buyers, or those with credit scores of 661 to 850. It increased to $363 for nonprime buyers (credit score of 601 to 660) and $377 for subprime buyers (credit score of 300 to 600).

Prime buyers were more likely to purchase a used vehicle in the first quarter of 2016, accounting for 43.99 percent of used vehicle loans – up from 43.21 percent the year before. The share of prime buyers among new vehicle purchases fell from 72.02 percent in the first quarter of 2015 to 70.76 percent at the beginning of this year.

Subprime buyers were more likely to opt for a new vehicle purchase. This segment accounted for 11.41 percent of new vehicle sales, up from 10.82 percent in the first quarter of 2015. The share of subprime buyers in the used vehicle market shrank from 35.62 percent to 34.31 percent.

Prime buyers were most likely to prefer leasing, with 36.3 percent choosing this option. Leases accounted for 34.2 percent of all nonprime transactions and 27.2 percent of all subprime transactions.

"The number of prime borrowers who switched to leasing has driven an increase in the percentage of subprime borrowers shown in the new vehicle segment," said Zabritski. "As a result, we will continue to see consumers view used vehicles, longer-term loans, and leasing as a way to keep payments affordable."

A total of 86.3 percent of new vehicle transactions were financed, up from 84.9 percent in the first quarter of 2015. The share of used vehicle transactions that required financing fell slightly, from 55.6 percent in the first quarter of 2015 to 55.3 percent in the first quarter of 2016.

The total open loan balance for vehicle transactions in the United States has increased steadily in recent years. It stood at $813 billion in the first quarter of 2014, $905 billion in the first quarter of 2015, and $1 trillion in the first quarter of 2016.

The average rate was 4.79 percent for a new vehicle purchase, up from 4.71 percent the year before. The average rate for used vehicle purchases fell from 8.03 percent to 7.81 percent for franchise dealership purchases and from 12.23 percent to 12.22 percent for used vehicle purchases.

A buyer's credit score had a major effect on the rate of their loan. The average rate for new vehicle purchases was 3.29 percent for prime buyers, and increased to 6.57 percent for nonprime buyers and 11.03 percent for subprime buyers.

Rates for used vehicle purchases were higher and had even more pronounced differences among credit scores. The combined average rates among both franchise and independent dealerships were 5.04 percent for prime buyers, 10.48 percent for nonprime buyers, and 16.89 percent for subprime buyers.

Delinquency rates increased slightly in the first quarter of 2016. A total of 1.84 percent of all loans and leases were delinquent by at least 30 days, an increase from 1.76 percent in the first quarter of 2015. The share of loans and leases delinquent by at least 60 days rose from 0.51 percent to 0.55 percent.

South Dakota had the lowest 30-day delinquency share at 1.09 percent, while Washington had the lowest 60-day delinquency share at 0.28 percent. Thirty-day delinquencies were highest in Mississippi (3.28 percent), while 60-day delinquencies were most common in Maryland (1.07 percent).

In Connecticut, 1.9 percent of all loans and leases were delinquent by at least 30 days while 0.44 percent were delinquent by at least 60 days.