Americans keep stretching auto loans to make car payments affordable
New data shows auto loans lasting longer than 73 months are on the rise big time.
Longer terms usually mean more paid in interest.
Owaki/Kulla/Getty Images
At the end of 2020, the average price for a new car ticked past $40,000 for the first time. In the first quarter of this year, the average price fell, but still hung around $38,000. To meet rising car prices, Americans continue to extend auto loan terms even further, and new data from TrueCar released at the end of March shows the trend in full swing.
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