A new study has revealed that many new vehicle buyers in the U.S. are being stretched to their financial limits, signing up for longer loan terms and higher interest rates.
During the second quarter of 2024, the average new-vehicle APR jumped from 7.1% to 7.3%, marking the sixth consecutive quarter that APRs have been above the 7% mark. In addition, many consumers are taking on longer loan terms to mitigate rising prices, with the average new-vehicle loan term in Q2 being 69 months.
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