(WHTM) — Remember just a few years ago when a car loan was $300 a month? Unless you put down a huge payment, those days are gone forever.

The average new car now costs around $41,000, according to edmunds.com. The average loan rate is now 5.7% as of Oct. 1.

Put the tow together and Edmunds said the average car payment just hit $700 a month in September. But, that’s chump change: the report said one in 10 buyers is now paying $1,000 a month. Who is paying 1,000 a month? Edmunds said buyers of big trucks and luxury SUVs are signing up for monthly payments as big as mom and dad’s mortgage.

But, from the doesn’t that stink file longer and longer loans: six or seven years, which is up from five years from a few years ago. But, remember that your car will need a new $800 set of tires and other expensive repairs when you are still paying for it off. That stinks.

So, what can you do?

  • Put down a larger down payment
  • Can’t do that? Then look at a cheaper car.

So think hard before agreeing to a big monthly payment, or a very long loan so you don’t waste your money.