35% of new car loans are longer than six years.
The average new car loan length is 69 months.
New vehicle loan amounts increased by $2,150 compared to last year.
Cars are getting more expensive every year, along with everything else—gas, food, rent, etc. But that doesn’t make cars any less critical to the average American. Car loans make nicer, more reliable cars accessible to more people, but according to the latest data, more folks than ever are stretching their loan terms to afford them.
Experian Automotive reports that nearly a third of buyers are taking out loans longer than 6 years to try to reduce monthly payments. Over 35 percent of new cars are financed longer than six years, compared to just 31 percent a year ago.
