More aggressive competition among lenders to woo car shoppers and an increase in new car prices have led some lenders to offer loans past the traditional terms – some as high at 97 months.
According to the Wall Street Journal, monthly payments can be kept under the $500 mark through longer terms, which is where some new car shoppers would like them to be.
Citing data from Experian Information Solutions Inc., the publication said the average new car loan was 65 months during the fourth quarter of 2012. Seventeen percent of new car loans were 73 and 84 months in the first quarter of this year, the Wall Street Journal reported, adding a few extended out to 97 months.
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