The national credit crisis surround the sub-prime mortgage market is now being felt in the automotive market as well. Toyota Financial Services is now offering 84-month (that’s 7 years!) vehicle loans.
Automotive News is reporting that the most common vehicle loan term is now 72 to 77.9 months, and that this category accounts for nearly 40% of all new-vehicle loans.
Additional findings from the report:
Longer Term Loans are NOT making monthly payments smaller.
Only buyers will excellent credit who are buying more-expensive luxury vehicles typically qualify for the 84-month term.
The average dealership loan is 7.6% up from 6.4% in 2004.
If you have less than perfect credit and are in the marketing to purchase a car, request a free auto loan quote from UnitedAutoFinance.com. Our dealer and lender network will help you get into a new car at a payment you can afford.
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