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Car Loans Are Getting Longer

Apr 19, 2013

With interest rates remaining low and financing companies offering credit to more and more individuals, some consumers are taking out longer vehicle loans than ever before.According to a report from credit bureau Experian, the average new-car loan rose to 65 months during the last quarter of 2012, the highest on record. The number of buyers taking out loans ranging from 73-to-84 months shot up by 19.4%, the highest increase of any loan category. Some buyers have even taken out 97-month term loans.While those numbers sound outrageous, less than one half of one percent of ALL new car loans were longer than 85 months. According to Experian, nearly 43% of new-car loans were between 61 and 72 months and 30% were between 49 and 60 months. Another 17% of all new-car loans were for terms between 73 and 84 months.