Longer Term Auto Loans Are Trending At Dealerships
According to credit reporting giant Experian, new car buyers are opting for longer terms on their new car purchases in hopes of lowering their monthly payments. For the first time in recorded history, new vehicle loan terms are at an all-time high at 66 months. They also reported that 24.9% of all new vehicle car loans were between 73-84 months in length, the largest percent of that metric to date as well.
This trend in car loan term extension may have led to a few other record-setting statistics. The average amount financed per new vehicle loan jumped up $964 from the previous year to 27,612, a new record. Accordingly, the average monthly payment for a new vehicle loan reached another all-time high at $459 in Q1 2014.
It may be the time to seriously consider a vehicle lease for any remaining skeptics. With the cost of vehicle loan terms rising and average monthly payment on a vehicle purchase rising as well, a new vehicle lease is sounding more and more attractive. Not only will you have lower monthly payments, you will not have to worry about being upside down in your loan after 3-5 years when you want to upgrade your vehicle.
Find only the best local lease deals on a new vehicle at www.TopCarLeaseDeals.com. Request a quote today and save thousands over the term of a long vehicle loan.
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