With the cost of new vehicles continuing to increase, consumers are opting for longer loan terms. The average automotive loan term reached 66 months in Q1 2014 – the highest level on record. Leasing also set new records, accounting for 30.2 percent of all new vehicles financed in Q1 2014, compared with 27.5 percent in Q1 2013.
Auto lenders should consider utilizing advanced market intelligence tools to gain insight into the latest credit trends and to better tailor marketing strategies.
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Average automotive loan term reaches record high of 66 months.
