10 Updates
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. Some...

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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.

 
Update
10

6 weeks ago

2015 Volkswagen e-Golf

Nov 4 2014 6:50pm CST | Source: CNET Car Tech

VW's e-Golf is the car maker's first EV to hit the U.S market. But how does it stack up against other electric vehicles like Ford Fusion Elec ...
Source: CNET Car Tech   Full article at: CNET Car Tech
 

 
Update
9

6 weeks ago

SEMA: Tanner Foust Racing ENEOS RWB Beetle is more pumpkin than Porsche

Nov 4 2014 4:30pm CST | Source: Autoblog

Filed under: Aftermarket, SEMA Show, Coupe, Hatchback, Volkswagen, Celebrities, Specialty "Many Porsche owners like the Beetle. The Beetle is a very good car and it looks like a Porsche a little bit," according to Akira Nakai, the man at the helm of Japanese tuning house RAUH-Welt Begriff. "It is similar, but a Beetle is not a Porsche, so we made a completely new design for this Beetle." We like the VW Beetle for what i ...
Source: Autoblog   Full article at: Autoblog
 

 
Update
8

6 weeks ago

VW joining with Fiat Chrysler would be 'brilliant' idea, Krafcik speculates

Nov 4 2014 3:18pm CST | Source: Automotive News

A merger of Fiat Chrysler Automobiles and Volkswagen would create a well-balanced global automaker that would be highly profitable, John Krafcik, president of auto-buying w ...
Source: Automotive News   Full article at: Automotive News
 

 
Update
7

6 weeks ago

This Is the Heroic LeMons Team that Finished in 228th Place—So, Last—in the Largest Endurance Race in History

Nov 4 2014 1:11pm CST | Source: Car and Driver

At the Vodden the Hell Are We Doing? 24 Hours of LeMons race in September, 242 teams registered, 228 managed to get their hoopties onto the Thunderhill Raceway track, and 216 were counted on the first lap after the green flag waved. Why are those numbers significant? Well, that race set the record for the world’s largest endurance road race, and the Guinness Book of World Records folks are in the process of certifying ...
Source: Car and Driver   Full article at: Car and Driver
 

 
Update
6

6 weeks ago

Customized Volkswagen Beetle unveiled at SEMA by Tanner Foust and RAUH-Welt Begriff

Nov 4 2014 11:20am CST | Source: World Car Fans

Rallycross driver Tanner Foust in association with Porsche tuner RAUH-Welt Begriff have introduced a heavily modified Volkswagen Beetle at SE ...
Source: World Car Fans   Full article at: World Car Fans
 

 
Update
5

6 weeks ago

Hybrid Ownership Costs, CCS Fast Charging, 2015 VW Golf: Today's Car News

Nov 4 2014 10:30am CST | Source: Honda Insight Reviews

Before you head off to the polls today, we've got a wide variety of stories on hybrids that cost less to own than gasoline cars, CCS fast-charging implementation, and the fifth and final nominee for our 2015 Best Car To Buy award, the 2015 Volkswagen Golf range. All this and more on Green Car Reports. We've got the latest sales ...
Source: Honda Insight Reviews   Full article at: Honda Insight Reviews
 

 
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4

6 weeks ago

VW Passat TDI 40K Long-Term Test Wrap: VW’s Family Sedan Embraces the American Way

Nov 4 2014 10:19am CST | Source: Car and Driver

Family sedans from Chevrolet, Ford, Honda, and Toyota have all earned their places in our culture, but Volkswagen’s Passat has always struggled to assimilate. Between its arrival in 1974 as the Dasher and its sixth-generation redesign in 2012, the Passat was at times too small, too unreliable, and too expensive. Sales remained relatively microscopic. Just 12,497 Passats moved in 2010; Mitsubishi came close ...
Source: Car and Driver   Full article at: Car and Driver
 

 
Update
3

6 weeks ago

2015 Volkswagen Golf Range: Best Car To Buy 2015 Nominee

Nov 4 2014 9:30am CST | Source: Honda Insight Reviews

The fifth and final of our five nominees for Green Car Reports' 2015 Best Car To Buy award is the new 2015 Volkswagen Golf range. It's a completely new, top-to-bottom makeover of the classic compact five-door hathback, now in its seventh generation since launching in 1974. DON'T MISS: Green Car Reports ...
Source: Honda Insight Reviews   Full article at: Honda Insight Reviews
 

 
Update
2

6 weeks ago

Detroit Three lead strong Canadian auto sales through October

Nov 4 2014 8:35am CST | Source: Driving Canada

Chrysler was the top selling automaker in Canada last month, narrowly beating the other Detroit Three companies as the industry continued on pace that would eclipse last year’s record sales. Automakers sold 154,949 cars and trucks in October, a 6.5 per cent increase from 145,460 a year ago, according to data compiled by industry analyst DesRosiers Automotive Consultants, calling the results “stunning.” “Yet another huge month for light vehicle sales in Canada and fo ...
Source: Driving Canada   Full article at: Driving Canada
 

 
Update
1

6 weeks ago

First 2015 Volkswagen e-Golf Delivery On Friday; Auction Proceeds To Charity

Nov 4 2014 5:00am CST | Source: Diesel Reports

The electric-car sales figures for October showed that one single 2015 Volkswagen e-Golf was delivered to a buyer last month,--even though the car hasn't yet arrived at the VW dealers that will initially offer it. But that single electric Golf hatchback turns out to be a special case. DON'T MISS: First 2015 Volkswagen e-Golf Electric Car To ...
Source: Diesel Reports   Full article at: Diesel Reports
 

 
 

<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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