Loading...

Consumers choosing longer automotive loans

Published: September 4, 2015 by Carrie Janot

According to the latest State of the Automotive Finance Market report, consumers are continuing to extend loan terms as a way to keep payments low. The percentage of used vehicles financed for 73 to 84 months increased 14.8% from Q2 2014, while new vehicles financed for the same length increased 19.7% year over year.

As auto lending continues to grow, lenders can design more effective strategies by using market intelligence tools to gain insight into the latest consumer credit trends.

>> Video: Successfully Navigate the World of Consumer Credit

Related Posts

Leasing has long been a popular choice among consumers who want to enjoy the latest vehicle models, but at...

Published: September 7, 2022 by Melinda Zabritski

Consumers are shifting to used vehicles over new, with a higher percentage of consumers financing used. The move comes...

Published: August 25, 2022 by Melinda Zabritski

According to Experian's State of the Automotive Finance Market Report: Q1 2022, SUVs and CUVs made up 60.38% of...

Published: June 29, 2022 by Melinda Zabritski