The share of auto loans for used cars in the United States with terms of over 73 months has increased in 2020 and 2021. Therefore, car loans with longer loan terms became more popular for used vehicles than shorter term ones in the U.S. In 2021, only 11.6 percent of auto loans for used vehicles were taken out for a term of 48 months or less, down from 15.3 percent two years previously. Longer term loans, such as those for a term between 61 and 72 months were the most popular.
Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term
Loan term in months
1 to 48 months
49 to 60 months
61 to 72 months
73 to 84 months
More than 85 months
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Experian. (April 15, 2022). Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/
Experian. "Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term." Chart. April 15, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/
Experian. (2022). Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/
Experian. "Distribution of Auto Loans for Used Vehicles in The United States from 2019 to 2021, by Loan Term." Statista, Statista Inc., 15 Apr 2022, https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/
Experian, Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term Statista, https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/ (last visited July 22, 2024)
Distribution of auto loans for used vehicles in the United States from 2019 to 2021, by loan term [Graph], Experian, April 15, 2022. [Online]. Available: https://www.statista.com/statistics/453373/auto-loan-terms-for-used-vehicles-usa/