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Americans owe a record $1.

1 trillion in car loans, a new report has found.

According to Experian’s State of the Automotive Finance Market report released late last week, auto loans have increased primarily due to the rise in loans to prime buyers while subprime and deep subprime originations continue to decline.

Automotive News reports that many U.S. residents prefer to minimize monthly repayments and therefore adopt longer term loans than perhaps necessary. Heading into the third quarter, the average new-vehicle loan was 68.8 months and the average used-vehicle loan has increased by one week from a year ago to 63.98 months.


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Americans Owe More Than A Staggering $1 Trillion In Auto Loans - Average Length Is 68 Months

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