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RAB Research Archive

Car buyers getting longer auto loans



Consumers continue to use longer-term loans to reduce the costs of monthly payments when they purchase a new vehicle with almost one third opting for loans of between six and seven years, according to new data from Experian, the credit monitoring service. Experian, in its latest report on the State of Automotive Finance Market, also found the average loan amount for a new vehicle reached a record high of $30,621 in the fourth quarter 2016.

Source: The Detroit Bureau



View or Download: http://www.thedetroitbureau.com/2017/03/car-buyers-getting-longer-auto-loans/

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