"Longer Loans, Higher Risk: A Growing Trend in the Auto Financing Industry A recent report by Experian has shed light on a concerning trend in the auto financing market. According to the data, nearly 36% of new-vehicle loans and 32% of used-vehicle loans in the first quarter of the year had terms exceeding 72 months, a significant increase from previous years. This shift towards longer loan periods may signal a growing reliance on debt among car buyers, potentially leaving them vulnerable to financial strain and higher interest rates. As the auto industry continues to navigate the complexities of financing, experts are sounding the alarm on the potential consequences 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.
