"Record-Breaking Loan Terms: Long-Term Auto Loans on the Rise A new report from Experian reveals a disturbing trend in the automotive industry: longer loan terms are becoming the norm for car buyers. In the first quarter of the year, nearly 36% of new-vehicle loans and 32% of used-vehicle loans exceeded 72 months, a staggering figure that highlights the growing financial burden on consumers. As the cost of vehicles continues to rise, more and more buyers are opting for longer loan terms to make their monthly payments more manageable. But with longer loan terms comes a higher risk of accumulating debt and potentially falling behind on payments, raising concerns about the long-term sustainability of this trend."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
