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The average car loan term is 68.48 months for a new car and 67.41 months for a used car, or close to six years, according to Experian data. The average length of auto loans for new and used ...
Used-Car Rates. Borrowing money to finance a pre-owned car may cost more than a similar loan on a new vehicle. This depends on the age of the vehicle. ... While stretching out the length of time ...
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For instance, by 2014 the average length of a new auto loan had reached 66 months, and the average amount financed for a new vehicle is $27,612, up $964 from 2013. [4] The longer the term of a loan and the higher the amount financed, the more likely it is that a borrower will be in a negative-equity, or “upside-down,” situation.
Studies have shown that the average per-unit finance cost can be higher when financing through a dealership than independent lenders. For example, one study found that the price increased by $674 when dealer financing was used, potentially due to additional products or services (an average of 4.63 add-ons per deal) in the financing package. [7]
An auto loan is a good example as the cardholder is generally making the same payment for 36, 48, or 60 months. While installment debt is considered in risk scoring systems, it is a distant second in its importance behind the revolving credit card debt. Installment debt is generally secured by an asset like a car, home, or boat.
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