Record Highs for New and Used Vehicle Loan Terms

The Ireland based information service company Experian reported record highs for new car loan terms in the first quarter a record 67 months. 29% of new car loans had terms of 73 to 84 months up from 24.9% in the year prior. In addition used vehicle long term loans reached record lengths with terms of 73 to 84 pay-back months, 16% up from 12.94% from the year before.

Experian’s senior director for automotive finance Melinda Zabritski stated, “While longer-terms loans are growing, they do not necessarily represent an ominous sign for the market”.