Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Auto Buyers Load Up On Record Amount Of Loans

Monday, June 2, 2014 - 5:35 PM
In the latest sign Americans are increasingly comfortable taking on more debt, auto buyers borrowed a record amount in the first quarter with the average monthly payment climbing to an all-time high of $474. Not only that, buyers also continued to spread payments out over a longer period of time, with 24.8 percent of auto loans now coming with payment terms between six and seven years according to a new report from Experian Automotive. That's the highest percentage of 6 and 7-year loans Experian has ever recorded

Auto Buyers Load Up on Record Amount of Loans - NBC News
6
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,510
1. Monday, June 2, 2014 - 10:00 PM
Saw this report this morning. Guess that when the average car on the road is 11 years old a 6-7 year loan does not seem that long. Hard to imagine anyone having a car loan over 3 years but things have changed. Have just purchased my 4th car last year and each of my cars I kept from 12 to 16 years. Walked or rode a bicycle before that. 
Another point of contention I heard tonight listening to a conversation panel in Boston tonight is that 67 billion in student loans are owed by people over 60.  Never would have thought that for a minute. 
4
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
Reply