Loading ...The most common term currently is for 72 months, with an 84-month loan not too far behind. It’s been creeping up: 10 years ago, the most common new-car loan term was 60 months, followed closely by 72 months.
I keep hearing people are leasing new cars. And if they buy a new car is like a 6 year loan. back in the day when America was great, you wife was home with the kids, and husbands got and afforded THREE year loans for new cars.
Leasing a car? They are PAYING for HALF the car, then have to give it back.
part The most common term currently is for 72 months, with an 84-month loan not too far behind. It’s been creeping up: 10 years ago, the most common new-car loan term was 60 months, followed closely by 72 months.
Loans for used cars are about as long: The most common term for a used car in 2018 was 72 months. Even though people are financing about $10,000 less for used cars than they do for new cars, it takes them roughly the same amount of time to pay off the loan.
https://www.edmunds.com/car-loan/how-long-should-my-car-loan-be.html