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Experian explains details around the rising average length of a car loan ... At the same time, the percentage of new car loans with terms of 73 months or more dropped by 7.23%, from 31.09% in 2023 ...
Over time, drivers who are financing their vehicle will likely lose 50% or more of its value over the life of their car loan—the average term of which is now approaching 72 months.
Since 2020, the average car loan payment has grown by more than $100 to $644, average monthly credit card payments due have increased $50 to $202 and average monthly mortgage payments have ...
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For example, a $40,000 car financed over 72 months at a 6% interest rate will cost nearly $52,000 — including sales tax, registration and other costs — by the time the loan is paid off.
According to Edmunds, the following states had average auto loan rates of over 12% for used vehicles (including SUVs, trucks, electric cars and sedans) in September, including Mississippi, which ...
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