With interest rates at their lowest level since 2008 and an increasingly competitive market, automotive lenders are increasing their willingness to make loans between six and seven years long:
- Auto loans of 73 to 84 months accounted for 14.1 percent of all new vehicle loans, up 47 percent from Q4 2010
- Auto loans of 73 to 84 months accounted for 9.04 percent of all used vehicle loans, up 41 percent from Q4 2010
View our recent Webinar on the Q4 2011 state of the automotive market.
Source: Experian Automotive’s quarterly credit trend analysis. Download the quarterly studies and white paper.
