"Longer Loan Terms on the Rise: Americans Taking on More Debt to Buy Cars A new report from Experian reveals a concerning trend in the automotive industry: a significant increase in longer loan terms for both new and used vehicles. In the first quarter of the year, nearly 36% of new-vehicle loans and 32% of used-vehicle loans exceeded 72 months, a threshold that was once considered the maximum for a vehicle loan. This shift towards longer loan terms suggests that consumers are taking on more debt to purchase cars, potentially putting them at risk of financial strain and default. As the auto industry continues to evolve, experts are warning that this trend could have serious implications for consumers and the broader economy."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
