The Average Car Loan Is Now For A Incredible 69 Months - How Long Is Yours?

69 months and growing...a sure sign the industry is headed for a major shake up. Just a matter of time.

My last one was 36 months

Last one 21 months. Next car will be 36 months max.

My lease is 36 months. My last new car purchase was 60 months, but that was because I had to buy something before I sold my diesel Passat back to VW and didn't have much cash on hand I could put on it.

Had one that was 60 months but generally don't like to buy. Currently own 3 outright. Lease 1-- 36mo. I fully support leasing for the average 50K European model-- have it only while under warranty and with free maintenance for many. Always have relatively new tech. Yes you don't build equity but payments are lower than financing to buy, and don't end up owning a high maintenance depreciating asset.

If you can't buy it in 60 you can't afford it.

I would say anything over 36 months and you can't afford it -especially if it is European with dismal reliability and high repair costs -which is pretty much everything European and why I don't buy those money pit brands anymore...

I hate payments or debt of any type and so I don't do loans and only just took a LOC against my business to expand it and buy inventory which once sold will yield a 300% return so it covers the juice but I still hate owing money to anyone which is why I buy my cars cash and drive them into the ground long term.

I would say anything over 36 months and you can't afford it -especially if it is European with dismal reliability and high repair costs -which is pretty much everything European and why I don't buy those money pit brands anymore...

I hate payments or debt of any type and so I don't do loans and only just took a LOC against my business to expand it and buy inventory which once sold will yield a 300% return so it covers the juice but I still hate owing money to anyone which is why I buy my cars cash and drive them into the ground long term.

This: "I would say anything over 36 months and you can't afford it..." shows a complete lack of understanding about the American Middle Class. A 60 month loan has been standard for decades.

MDarringer

I stand by my statement and would even apply the same logic to housing. Most people buy way too much house for the money and create too much debt. My first house was a POS on the wrong side of the tracks but I had it paid off in full in 5 years and put down extra cash at every opportunity to pay down the debt and do a full reno on the crib. Eventually sold the house for a huge profit and rolled that into another distressed property in a gooder neighborhood. Wash, rinse repeat.

The real issue is these longer term auto loans are burying people with long term debt and negative equity -thus creating a financial debt trap for the consumer that will be impossible to overcome with longer term financing thus repeating the monetary death cycle.

Cars are just getting too expensive. 60-72 is the norm. I disagree with most of the above comments because if a manufacturer is offering 0% or close to it, why would I pay in full.