Drivers were paying record high amounts for new and used vehicles at the end of 2017, according to the credit bureau Experian. At the same time, buyers and lessees with strong credit scores made up a greater share of transactions.

The average driver who purchased a new vehicle between October and December took out a loan of $31,099, an increase of $509 from the fourth quarter of 2016. The typical used vehicle loan was $19,589, a year-over-year increase of $317. Both amounts were record highs.

Experian also found that there were new record highs for both new and used vehicle payments. The average new loan came with a $515 a month payment, up $8 from the previous year, while the average new lease payment rose $17 to $430 a month. The typical used vehicle payment climbed $8 to $371 a month.

Drivers continued to favor longer loan terms to help keep monthly payments more affordable. Forty-four percent of new loans had a period of 61 to 72 months, while 30 percent extended 73 to 84 months. In the used vehicle market, 41.8 percent of loans were 61 to 72 months while 23.8 percent were 49 to 60 months.

The average new vehicle loan term was 69.06 months, up from 68.53 months in the fourth quarter of 2016. Three-year leases continued to be the norm, with the typical new vehicle lease extending 36.33 months. The average used vehicle term was 64.12 months, up from 63.86 months in the previous year.

The average rate for a new vehicle transaction was 5.11 percent, up 0.37 percentage points from the last quarter of 2016. The average used vehicle rate rose 0.3 percentage points to 8.84 percent.

A total of 85.1 percent of new vehicles purchased or leased in the fourth quarter of 2017 were financed, along with 53.8 percent of used vehicles. Leases accounted for 28.28 percent of new vehicle transactions, down from 28.94 percent in the fourth quarter of 2016. Leasing became slightly more prevalent in the used vehicle market, rising from 3.97 percent of transactions to 4.06 percent.

More than six out of every 10 buyers and lessees—60.57 percent—had a credit score that was considered prime (661 to 780) or super prime (781 to 850). This share was up from 59.41 percent in the fourth quarter of 2016.

Nonprime buyers, or those with a credit score of 601 to 660, accounted for 19.64 percent of all purchases and leases – down from 19.77 percent in the previous year. The share of subprime buyers and lessees (credit score of 501 to 600) shrank from 17.62 percent to 16.93 percent, while those with deep subprime scores (300 to 500) fell from 3.2 percent to 2.86 percent.

A total of 73.80 percent of new vehicle transactions involved prime or super prime borrowers, up from 72.72 percent in the fourth quarter of 2016. The nonprime share dropped from 17.12 percent to 16.83 percent, while the subprime share shrank from 9.43 percent to 8.77 percent.

In the used vehicle market, 48.52 percent of borrowers had prime or super prime credit scores – up from 47.76 percent in the previous year. The nonprime share also rose slightly, from 22.09 percent to 22.2 percent. A total of 29.29 percent of borrowers buying or leasing a used vehicle had subprime or deep subprime scores, down from 30.15 percent at the end of 2016.

The leasing market continued to be dominated by prime and super prime borrowers, who accounted for 77.46 percent of the new lease risk distribution – up from 76.27 percent in the fourth quarter of 2016. The share of nonprime lessees fell from 16.32 percent to 15.71 percent, while subprime lessees dropped from 6.93 percent to 6.4 percent.

The average new vehicle lessee had a credit score of 722, while the average new vehicle buyer's credit score was 716. The average used vehicle buyer or lessee had a credit score of 656.

The total open automotive loan balance hit another record high in the fourth quarter of 2017, climbing 5.31 percent from the previous year to $1.13 trillion. Prime and super prime borrowers accounted for 61.17 percent of this risk distribution, while 18.96 percent was carried by nonprime borrowers, 16.11 percent by subprime borrowers, and 3.77 percent by deep subprime borrowers.

Borrowers were less likely to be delinquent on their loans or leases. A total of 2.36 percent of loans or leases were behind by at least 30 days in the fourth quarter of 2017, down from 2.44 percent in the previous year. The share of loans and leases that were delinquent by at least 60 days dropped from 0.78 percent to 0.76 percent.