Longer interest rates and longer loan terms made it easier forconsumers to finance a vehicle in the fourth quarter of 2012.

According to Experian Automotive, average loan terms for anew vehicle during those three months jumped to an all-timehigh of 65 months, up from 63 months in Q4 2011.

Experian's Q4 State of the Automotive Finance Marketreport also showed that the average loan amount for a new vehiclewas $26,691 in Q4 2012, up $272 from Q4 2011, while the averageused vehicle loan was $17,629 in Q4 2012, up $239 from Q42011.

While consumers are taking out larger loans, lower interestrates and longer loan terms for new vehicles helped bring down theaverage monthly payments. Experian said the average monthly paymentfor a new vehicle dropped from $468 in Q4 2011 to $460 in Q42012.

The average interest rate for a new vehicle loan in Q4 2012dropped to 4.36%, from 4.52% in 2011. The average interest rate fora used vehicle loan dropped to 8.48%, from 8.67% during the sametime period, according to the report's data.

“Lower interest rates and longer loan terms made it easier forconsumers to finance a vehicle while keeping their paymentsaffordable,” said Melinda Zabritski, director of automotive credit for ExperianAutomotive. “This, combined with the fact that more vehicle loanswent to consumers with credit outside of prime, portends a vitaland healthy automotive market.”

More consumers also were able to obtain financing in Q4, asaverage credit scores for both new and used vehicles dropped, accordingto Experian. For new vehicle loans, the average consumer creditscore was 755 in Q4 2012, down six points from Q4 2011. For usedvehicle loans, the average consumer credit score dropped to 665 inQ4 2012, down five points from Q4 2011.