What’s the Average Length of a Car Loan? - Experian
Oct 3, 2024 · The average car loan term is 68.48 months for a new car and 67.41 months for a used car, or close to six years, according to Experian data. The average length of auto loans for new and used vehicles has remained fairly steady since last year, reflecting the continuing popularity of longer-term auto loans.
How Long Should a Car Loan Be? - Edmunds
May 1, 2013 · The average loan amount for a new car in 2023 to date is around $40,000, with an average interest rate of 7.2% and an average term of 69 months.
What’s the Average Car Loan Length? - NerdWallet
Dec 11, 2024 · According to consumer credit reporting company Experian, the average auto loan term in the third quarter of 2024 was 68.17 months for new cars and 67.15 months for used cars. The average car...
What’s The Average Car Loan Length? - Bankrate
Dec 10, 2024 · The average car loan length ranges between 24 and 84 months. The right terms for your needs come down to how much you can afford to pay each month.
The Average Length of a Car Loan | Capital One Auto Navigator
Sep 8, 2023 · According to Experian's State of the Automotive Finance Market Report, the average new-car loan length in the first quarter of 2023 was 68.6 months, while used-car loans averaged 67.4 months. That's close to six years of making monthly auto loan payments.
What Is the Average Car Loan Length? - Car and Driver
Mar 13, 2023 · While there’s no “average” car loan length, you can typically choose to pay off the loan between 24 and 84 months. The right loan term for you depends on your personal situation.
What’s the Average Car Loan Length? - Credit Karma
Jan 12, 2024 · How long is a normal car loan? In the fourth quarter of 2021, the average auto loan term was more than 69 months for new cars and over 67 months for used vehicles, according to the Experian State of the Automotive Finance Market report.
What Is the Average Car Loan Length? | Lantern by SoFi
Jan 8, 2025 · The average car loan length is between three and five years, but the length you choose will vary depending on your goals and financial situation. As you’re shopping for a car loan, you’ll need to consider the term length, your down payment, and the car loan’s interest rate.
What is the Average Car Loan Length? - Car Talk
Dec 19, 2024 · In the last few years, the average auto loan length has increased. Right now, more auto loans are being inked for 72-84 months (6-8 years). This is an increase from the previous common length amount of 60 months (5 years).
What Is the Average Length of a Car Loan? - Investopedia
Oct 24, 2023 · The average length of a car loan is 72 months or six years. However, the length of car loans can vary from as short as 12 months to as long as 96 months.
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