Vehicle loan terms grow

Vehicle loan terms continue to lengthen as more buyers spread their purchase over 72 months.

For the first 10 months of 2013, 42 percent of new-vehicle loans were written at 72 months, Melinda Zabritski, senior director at Experian Automotive, said Saturday. The average new-vehicle term for that period was 65 months, up from 64 months in 2012. The average used-vehicle loan term was 61 months, up from 60.

You can reach Automotive News at autonews@crain.com.

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