With retail prices rising, Experian Automotive reported the average loan amount and monthly payment for used and new vehicles continued to trend upward.

According to its most recent State of the Automotive Finance Market report, Experian indicated on Thursday that the average loan amount for a new vehicle reached $30,032, an all-time high. Meanwhile, the average loan amounts for used vehicles stood at $20,723 for vehicles retailed at franchised dealers and $16,124 for units turned at independent stores — both Q1 highs.

To help consumers keep payments within their budget constraints, Experian highlighted that leasing reached its highest level on record. Leasing accounted for 31.1 percent of all new-vehicle transactions during the first quarter of 2016.

Additionally, while leasing is still predominately an option for new-vehicle financing, analysts noticed used-vehicle leasing increased 2.1 percent from a year ago.

“The continued rise in new vehicle costs have kept many consumers exploring options to keep their monthly payments affordable,” said Melinda Zabritski, Experian’s senior director of automotive finance.

“As long as vehicle prices continue to rise, we can expect leasing rates to grow along with them,” Zabritski continued. “However, consumers need to understand the nuances of their lease agreements and make sure that leasing fits their lifestyle.”

Findings from the report also showed an increase in the percentage of prime consumers who shifted to the used vehicle market. In fact, prime borrowers elected to purchase a used vehicle more than 54 percent of the time in Q1 2016, a 4.8 percent increase from the previous year.

 However, the opposite is true for the new-vehicle finance market. While the percentage of subprime borrowers in the total loan market decreased 1.1 percent, Experian found that the percentage of subprime borrowers for new vehicles saw a 5.5 percent increase from a year ago.

“The record highs we have seen in vehicle prices also have had a significant impact on the loan market,” Zabritski said. “For example, 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.

As a result, we will continue to see consumers view used vehicles, longer-term loans and leasing as a way to keep payments affordable,” she went on to say.

Experian mentioned that shifts in risk tier distribution for new and used vehicles also are reflected in average credit scores. The average credit score for a new vehicle loan was 710, down three points from the previous year, while the average credit score for a used vehicle loan was up three points to 645.

Additional insights from the Q1 2016 report:

• The percentage of new vehicles financed was 86.3 percent, up 1.6 percent from a year ago.

• The average loan terms for new vehicles, used vehicles from franchise dealers and used vehicles from independent dealers all increased by one month, reaching 68, 66 and 58 months, respectively.

• The average interest rates were 4.79 percent for a new vehicle loan, 7.81 percent for a used vehicle loan at a franchise dealer and 12.22 percent for a used vehicle loan at an independent dealer.

• Average monthly payments for new vehicle loans reached an all-time high — $503. Average monthly payments for used vehicle contracts originated at a franchised dealer stood at $376 and $351 for contracts originated at an independent dealer.