Tag: term

By on December 2, 2015

 

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

  • Skippity: Mustang II outsold S550. Double. In two less years.
  • nrd515: I hate almost everything about the Camaro, except it’s a great driver. The looks? Awful. The comfort...
  • Skippity: Not defending Nissan. But they issue a recall and some think it’s proof they make junk. Toyota has a recall...
  • la834: I don’t get why 2400w heat guns (or toasters, or dishwashers, etc.) aren’t readily available in...
  • 28-Cars-Later: I’m not sure what you mean, the 260 is unrelated to Our Lord of Eternal Torque.

New Car Research

Get a Free Dealer Quote

Who We Are

  • Adam Tonge
  • Bozi Tatarevic
  • Corey Lewis
  • Jo Borras
  • Mark Baruth
  • Ronnie Schreiber