Customers purchasing new vehicles are selecting longer term loans in higher numbers than in the past.
According to Automotive News, the number of new car loans between 73 and 84 months has shot up from 11.7 percent in early 2009 to 33.8 percent this year. This is a substantial increase of 22.1 percent and loans within that range are tending to be on the longer side.
During the final quarter of 2016, 28.7 percent of new vehicle loans were for a term of 84 months. That means consumers are willing to make payments on their vehicle for seven years.
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