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U.S. New Car Loan Terms Lengthen and Monthly Payments Rise

CNBC ·

  1. 1In the third quarter, 25.5% of new car loan financing used terms of 84 months or longer.
  2. 2The average monthly payment in the third quarter was $787, up from $756 in the same period last year.
  3. 3Edmunds stated that monthly payments are rising as the total amount borrowed by buyers increases overall.

So what's the key point?

The period for borrowing money to buy cars in the U.S. has lengthened to 84 months or more. As the amount borrowed increases, the monthly payment has also risen to $787.

Source CNBC · View original ↗

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