"Longer Loans on the Rise: New Data Reveals Alarming Trend in Auto Financing. A recent report from Experian has shed light on a concerning shift in the auto financing landscape, as nearly 36% of new-vehicle loans and 32% of used-vehicle loans in the first quarter exceeded a 72-month repayment period. This marks a significant increase in longer loan terms, which can leave consumers vulnerable to higher interest rates and longer repayment periods. As the auto industry continues to navigate the aftermath of the pandemic and supply chain disruptions, questions are being raised about the sustainability of these extended loan terms and their potential impact on consumers' financial well-being."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
