In April 2020, the average auto loan term for a new car in the U.S. was 73.4 months, up from 69.4 months in April of the previous year. This is the first time that loan term lengths have surpassed 70 months in the United States, and is likely a response to the coronavirus pandemic which is sweeping the globe.
Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020
(in months)
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Edmunds . (May 6, 2020). Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/
Edmunds . "Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months)." Chart. May 6, 2020. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/
Edmunds . (2020). Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/
Edmunds . "Length of Auto Loans of New and Used Vehicles with Financing in The United States in April 2019 and April 2020 (in Months)." Statista, Statista Inc., 6 May 2020, https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/
Edmunds , Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months) Statista, https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/ (last visited November 21, 2024)
Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months) [Graph], Edmunds , May 6, 2020. [Online]. Available: https://www.statista.com/statistics/1109264/auto-loan-terms-new-used-usa/
