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Auto Loan Madness Continues As US Car Buyers Take On Record Debt, Lunatic Financing Terms

Way back in June, we noted that auto sales had reached 10-year highs on record credit, record loan terms, and record ignorance. We based that assessment on the following set of Q1 data from Experian: Average loan term for new cars is now 67 months — a record. Average loan term for used cars is now 62 months — a record. Loans with terms from 74 to 84 months made up 30% of all new vehicle financing — a record.
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