"Longer Loan Terms on the Rise: A Growing Concern for Car Owners. A new report from Experian reveals a disturbing trend in the automotive financing industry, with nearly 36% of new-vehicle loans and over 32% of used-vehicle loans now lasting longer than 72 months. This means that more and more car buyers are opting for extended loan terms, often up to 84 months or more, in an effort to lower their monthly payments. But as loan terms stretch further into the future, concerns about affordability, debt, and the potential for financial strain on consumers are growing."
Nearly 36 of new-vehicle loans and 32 percent of used-vehicle loans in the first quarter were longer than 72 months, Experian said.
