Tag: car loan

By on December 2, 2015

Signing his life and wallet away for the next six or so years with a long-term auto loan agreement

In news that will shock precisely no one, the current car blitz is partially fueled by longer loan rates, higher monthly payments and an increasing prevalence to finance our new cars from the automaker themselves — when we’re not renting it from them in the first place.

Experian released Wednesday its data on third-quarter sales and financing and found, on average, that borrowers’ credit scores were at the lowest level since before 2008. According to the credit agency, car buyers had an average credit score of 710 when they financed their car — which happens in 86.6 percent of car transactions, an all-time high.

Buyers opted for longer loans too. According to the data, new car loans longer than six years increased to 27.5 percent for the third quarter, up 17.1 percent from the same period last year. Loans between five and six years accounted for 44 percent of new vehicle financing. (Read More…)

Recent Comments

  • Carrera: Everyone on electric and solar bikes…that’s the future Thomas. If you don’t embrace it,...
  • Kyree S. Williams: Kind of. But there’s something about the Telluride’s hips and general shape that make...
  • ThomasSchiffer: The radical and physically impossible [to achieve] CO2 emission regulations of the European Union...
  • Kyree S. Williams: No, every Audi does not have an exact same Volkswagen. The A3, Q3 and TT are Golf-based. The...
  • dal20402: The Edge ST and a base Nautilus are around the same price, but if you want a Nautilus with a V6...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Matthew Guy
  • Timothy Cain
  • Adam Tonge
  • Bozi Tatarevic
  • Chris Tonn
  • Corey Lewis
  • Mark Baruth
  • Ronnie Schreiber