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.