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Advertiser Disclosure Updated: Apr 21, 2020, 10:37am

Long, Really Long, Auto Loans Are Still On The Rise, Experian Says – Car Loan payment Lander With MyFi shortcode

Updated: Apr 21, 2020, 10:37am
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Long, Really Long, Auto Loans Are Still On The Rise, Experian Says – Car Loan payment Lander With MyFi shortcode

Borrowers continue to accept lengthier auto loans — the average term is well over five years and approaching six — a sign that car and truck buyers face an affordability problem, according to Experian Automotive.

The average new-vehicle loan term was a record in the second quarter of 2019, said Melinda Zabritski, Experian’s senior director of automotive financial solutions. “It’s a little over 69 months,” as of the second quarter of 2019, she said in a phone interview.

 

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Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. I'm a wealth reporter at Forbes. A Connecticut native, I studied journalism at Penn State University. Follow me on Twitter @someUser.

First Published: Apr 17, 2020, 11:01am
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