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
Basic Account
Get to know the platform
You only have access to basic statistics.
This statistic is not included in your account.
Single Account
The ideal entry-level account for individual users
- Instant access to 1m statistics
- Download in XLS, PDF & PNG format
- Detailed references
$59 $39 / Month *
in the first 12 months
Corporate Account
Full access
Corporate solution including all features.
* Prices do not include sales tax.
Further Content: You might find this interesting as well
Statistics
- Average U.S. new vehicle financing amount 2015-2020
- Average U.S. used vehicle financing amount 2015-2020
- Auto loan terms of used U.S. cars 2019-2021
- Value of 90+ delinquent auto loan balances in the U.S. 2003-2016
- Market share of leading lenders in the U.S. retail car loan market 2015
- Market share of leading lenders in new car retail loan market in the U.S. 2015
- Market share of leading lenders in used car retail loan market in the U.S. 2015
- Distribution of new and used U.S. vehicles on lease 2015
- Value of motor vehicle loans outstanding in the U.S. 2012-2019
- Ways of applying for automotive loan or lease in Canada 2018
- Two wheeler loan market size in India 2018-2025
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 July 07, 2022, 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 July 07, 2022. 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: July 07, 2022. 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 July 07, 2022)