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Consumers choosing longer automotive loans

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