Car Loans Have Never Been This Long - KALB-TV News Channel 5 & CBS 2

Car Loans Have Never Been This Long

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(NBC) New car buyers are stretching out their loans to record lengths.
The average new vehicle loan now stands at five-and-a-half years, and nearly a quarter of buyers stretched their payments to between 73 and 84 months, that's seven years. That's according to "The Detroit Bureau", citing information from data tracking firm "Experian Automotive".
The downside to that lower monthly payment is you'll pay more in interest, and could find yourself upside down in the loan if you try to sell the vehicle too soon.  
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