Consumers are taking on longer automotive loans

Findings from Experian’s latest State of the Automotive Finance Market analysis showed the average loan term for a new vehicle jumped to an all-time high of 65 months in Q4 2012, up from 63 months in Q4 2011. More consumers also are opting for leases, with the lease share of new auto financing increasing to 24.79 percent, up from 10.45 percent in Q4 2011.

Download the complete Q4 Automotive Credit Trend Analysis.

Source: Historically High Loan Terms and Low Interest Rates Kept Monthly Auto Payments Down in Q4 2012