"Lengthy Loans on the Rise: Americans Taking on Longer Repayment Terms for New and Used Vehicles. A new report from Experian reveals a concerning trend in the automotive financing market, with nearly 36% of new-vehicle loans and 32% of used-vehicle loans exceeding 72 months in the first quarter of the year. This shift towards longer repayment terms has significant implications for car buyers, who may be taking on more debt and higher interest rates in the process. Experts warn that these extended loan periods could lead to a cycle of debt for some consumers, making it increasingly difficult to own a vehicle outright."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
