Auto loan terms of new and used U.S. vehicles 2019-2020

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

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Source

Release date

May 2020

Region

United States

Survey time period

April 2019 and April 2020

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Statistics on "Car financing and leasing in the United States"

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