New Average Car Loan Length
Pictures. What are some reasons people choose longer loan terms? For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender's risk in offering a loan.
Frost Financial Warning Signs For Your Auto Loan Portfolio from www.frostinsure.com
Today's average car loan length exceeds five years. Calculate your monthly car payment and see how term, interest rate and credit score change the result. Knowing how much you can afford to pay each month is a powerful tool to have in hand before stepping into you can play around with loan term length and interest rates to give yourself a big picture view of the payment and interest range you can expect to.
How much debt do americans take on to get behind the wheel?
The average length of an auto loan in the united states is now 70.6 months and comes with a monthly payment of $573, according to the latest research. Based on this i am trying to understand how to structure the loan should i get a loan that lasts only as long as i plan to keep the car? Despite the average used car loan length being only five months shorter than the average new car loan length, you should try to secure a much shorter loan term if you're going to finance a used car. That's almost five and a half years!
