Gone would be the times where a car loan with a phrase of five years could be unthinkable. Today, the normal new-vehicle loan is 69 months. And loans with terms from 73 to 84 months now constitute nearly 1 / 3rd (32.1%) of most brand new car loans applied for. For utilized vehicles, loans from 73 to 84 months constitute 18% of most automobile financing.
The matter with one of these longer loans is the fact that specialists now think expanding terms has generated an emergency within the car industry. Increasingly more, consumers can end up with an equity auto loan that is negative. Continue reading “Longer terms on car finance might be adding to more vehicle owners dealing with negative equity than before.”