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Buyers Are Purchasing Longer Term Car Loans

Buyers Are Purchasing Longer Term Car Loans

Jul 26 2013, 12:00pm CDT | by

Loan terms of six years or longer are becoming common

According to a recent JD Power survey, the standard length of car loans is on the increase. The survey shows that loans of six years or longer now account for 30% of all new car deals this year....

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1 year ago

Buyers Are Purchasing Longer Term Car Loans

Jul 26 2013, 12:00pm CDT | by

Loan terms of six years or longer are becoming common

According to a recent JD Power survey, the standard length of car loans is on the increase. The survey shows that loans of six years or longer now account for 30% of all new car deals this year. Some buyers have been purchasing cars with loans of up to 72 months with longer-term offset by lower interest rate.

For instance, some Volkswagen buyers been able to get loans of 72 months with 2.64% interest. While 72 months sounds like a long time for car loan, according to JD Power some car buyers are taking out loans of eight to even 10 years.

With 30% of people now taking loans of six years or longer, the number is up 23% from five years ago. The standard length of the car loan was once four years and then crept up to five years. Extended term loans are gaining popularity as cars last longer and have better warranties. Longer-term loans at low interest rates may be good for buyers who plan on keeping the vehicle for a long time. Buyers who offer these longer-term loans and then try to trade within a few years will certainly see the downside.

 
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14 hours ago

2015 Volkswagen Golf TSI 1.8T Manual Tested: Even the Basic Model is a World-Beater

Oct 27 2014 5:47pm CDT | Source: Car and Driver

It’s odd for us to call out the manual transmission as our primary issue with a car—we are the Save the Manuals people, after all—but that’s the case here. To be clear, our grumbling isn’t really aimed at the gearbox or the clutch, which are light and precise and rewarding to use, but rather VW’s product planning for its American Golf lineup. READ MORE ›› ...
Source: Car and Driver   Full article at: Car and Driver
 

 
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14 hours ago

2017 / 2018 Volkswagen Golf to be evolutionary

Oct 27 2014 5:30pm CDT | Source: World Car Fans

The Volkswagen Golf VII is only two years old but new details are starting to emerge about the next ...
Source: World Car Fans   Full article at: World Car Fans
 

 
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15 hours ago

Motorsports: Volkswagen clinches second consecutive World Rally Championship

Oct 27 2014 4:52pm CDT | Source: Autoblog

Filed under: Motorsports, Volkswagen Not unlike some other motor racing disciplines, the World Rally Championship tends to be ruled by dynasties. The late 1980s were dominated by Lancia, Toyota won a succession of titles in the early 90s, Mitsubishi and Subaru traded top spots in the late 90s and Citroën dominated from 2003 through 2012. But these days its all about Volkswagen. The German automaker jumped into the WRC last year with the Polo R WRC and proceeded to win ten out of the ...
Source: Autoblog   Full article at: Autoblog
 

 
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18 hours ago

Toyota tops Consumer Reports reliability rankings for 2015

Oct 27 2014 1:32pm CDT | Source: Driving Canada

Toyota continues its winning streak atop Consumer Reports’ annual reliability rankings. The company’s Toyota and Lexus brands top the survey, while its Scion brand is in the top ten. It’s the eighth year in a row that a Toyota brand has led the rankings. “Toyota has a strategy that emphasizes reliability over excitement,” says Jake Fisher, Consumer Reports’ head of auto testing. “They take a conservative approach to redesign and roll out new features slowly. The risk is they may not have the l ...
Source: Driving Canada   Full article at: Driving Canada
 

 
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20 hours ago

ETC: 2014 Art Center Car Classic celebrates Street to Screen

Oct 27 2014 12:08pm CDT | Source: Autoblog

Filed under: Misc. Auto Shows For over a decade now, the Car Classic at the Art Center College of Design in Pasadena has been a mainstay of Southern California car culture. It's the kind of event where you might see a Duesenberg alongside a Porsche 917 racer, a classic Ford Mustang fastback, a gullwinged Mercedes-Benz 300SL and a McLaren P1, all on the same lot. Themed "Street to Screen," this year's Car Classic focused on movie cars. On hand were a trio of ...
Source: Autoblog   Full article at: Autoblog
 

 
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20 hours ago

What’s The Best Car For 2014 In The Wet?

Oct 27 2014 11:58am CDT | Source: Car Articles

  The Volkswagen Golf R has been voted the best performance car to have in the wet according to Autocarmagazine. With November signalling the start of the three wettest months on the calendar, and a general decline in road conditions, driving a higher performance car can be something of a handful for many owners. Last year, Britons bought 47,544 sports and performance cars, 3.1% up on 2012, with more than 12,191 cars with over 3.0-litre engines registered on the r ...
Source: Car Articles   Full article at: Car Articles
 

 
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21 hours ago

Peter Max Corvette Collection Exhumed from Parking-Garage Purgatory

Oct 27 2014 10:51am CDT | Source: Car and Driver

The long and twisted tale of the so-called VH1 MAX Corvette collection, after sitting for nearly twenty-five years in a series of New York parking garages, has finally come to a close. According to a report in the New York Times, the thirty-six-car collection, which began as a grand prize in a television contest before finding its way into the hands of psychedelic graphic designer Peter Max, was recently purchased by a group of investors with the intent of retu ...
Source: Car and Driver   Full article at: Car and Driver
 

 
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23 hours ago

Toyota’s global sales rise 2.8 per cent through September

Oct 27 2014 8:26am CDT | Source: Driving Canada

Toyota said global sales climbed 2.8 percent in the first nine months of this year as the carmaker battles Volkswagen AG for leadership. Worldwide deliveries for Toyota, including its Hino Motors Ltd. and Daihatsu Motor Co. units, climbed to 7.6 million vehicles through September, spokesman Dion Corbett said by phone. Volkswagen reported a 5.3 percent gain in sales to 7.4 million vehicles, excluding results for its two heavy-truck units. The tight rac ...
Source: Driving Canada   Full article at: Driving Canada
 

 
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1 day ago

Toyota's global sales rise 3% as race with VW tightens

Oct 27 2014 6:04am CDT | Source: Automotive News

Toyota said worldwide sales climbed 3 percent through September as the carmaker battles Volkswagen to be the global sales leader. The race is playing out as automakers contend with mounting recalls and rising scrutiny over the safe ...
Source: Automotive News   Full article at: Automotive News
 

 
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1 day ago

Volkswagen Takes Homes 2014 WRC Drivers’ And Manufacturers’ Titles

Oct 27 2014 5:00am CDT | Source: Motor Authority

They’ve done it again. In a repeat of last year, Volkswagen’s Sébastien Ogier together with co-driver Julien Ingrassia have secured the 2014 World Rally Championship Drivers’ title. There’s still one more round to go this season, but after taking out this past weekend’s Rally Spain the French ...
Source: Motor Authority   Full article at: Motor Authority
 

 

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<a href="/latest_stories/all/all/3" rel="author">Shane McGlaun</a>
Shane is a self described car aficionado. He loves muscle cars, but also knows how green cars work. He has years of experience in testing cars and writes about cars with deeply felt emotions.

 

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