Consumers Take On More Auto Debt With 72 Month Loans Becoming The Norm

U.S. consumers borrowed more for longer in the first quarter of 2021 so they could drive more expensive trucks, crossovers and SUVs, according to a new Experian study of auto credit market trends.

At the same time, average credit scores for consumers who financed new and used vehicles are higher, and delinquency rates are lower, indicating a healthy auto credit market overall, the study found. Experian, an information services company, gathers data on consumer and business credit and generates credit scores, among other services.

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