Between 2018 and 2020, car loans with longer loan terms became more popular than shorter term ones in the United States. In 2020, only 2.3 percent of new auto loans were taken out for a term less than 37 months, down from 4.1 percent two years previously. Longer term loans, such as those for at least 73 months, became more commonplace during the same period.
Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term
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Experian. (March 31, 2021). Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term [Graph]. In Statista. Retrieved November 10, 2024, from https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/
Experian. "Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term." Chart. March 31, 2021. Statista. Accessed November 10, 2024. https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/
Experian. (2021). Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term. Statista. Statista Inc.. Accessed: November 10, 2024. https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/
Experian. "Distribution of Auto Loans of New Vehicles with Financing in The United States from 2018 to 2020, by Loan Term." Statista, Statista Inc., 31 Mar 2021, https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/
Experian, Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term Statista, https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/ (last visited November 10, 2024)
Distribution of auto loans of new vehicles with financing in the United States from 2018 to 2020, by loan term [Graph], Experian, March 31, 2021. [Online]. Available: https://www.statista.com/statistics/453369/auto-loan-terms-for-new-vehicles-usa/
