"Longer Loans on the Rise: Consumers Take on More Debt to Afford New and Used Vehicles. A growing trend in the automotive industry has seen nearly 36% of new-vehicle loans and 32% of used-vehicle loans exceeding 72 months in the first quarter of the year, according to Experian's latest data. This shift towards longer loan terms suggests that car buyers are increasingly taking on more debt to afford their vehicles, a move that could have significant implications for their financial stability. As consumers continue to navigate a complex and often expensive car market, experts warn that longer loan terms could lead to a cycle of debt that's difficult to escape."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
