11 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....

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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
11

2 hours ago

2012 Volkswagen Passat Long Term Report: The Long Goodbye

Jul 28 2014 3:09pm CDT | Source: KBB

When my wife and I left Los Angeles, vectoring northbound towards Washington State I fully expected the journey to be a fun, final hurrah for Kelley Blue Book's beloved 2012 Volkswagen Passat TDI long-ter ...
Source: KBB   Full article at: KBB
 

 
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10

4 hours ago

European jury unveils 32 candidates for 2015 Car of the Year

Jul 28 2014 1:01pm CDT | Source: Driving Canada

A jury of 58 automotive journalists from Europe have unveiled its 32 candidates for the 2015 Car of the Year. The candidates are (in alphabetical order): Audi TT, BMW 2 Series Active Tourer, BMW 2 Series Coupe, BMW i8, BMW x4, Citroen C1*, Citroen C4 Cactus*, Fiat 500X (hasn’t been launched yet)*, Ford EcoSport*, Ford Mondeo (Fusion in Canada), Hyundai i20*, Infiniti Q50, Jeep Renegade, Kia Soul, Lexus NX, L ...
Source: Driving Canada   Full article at: Driving Canada
 

 
Update
9

6 hours ago

BMW to offer faster battery chargers for i3 owners

Jul 28 2014 11:34am CDT | Source: Driving Canada

BMW, the world’s biggest maker of luxury vehicles, is offering drivers of the i3 city car speedier and smaller auto-battery chargers in an effort to make driving electric vehicles more practical. The units, developed in collaboration with component supplier Robert Bosch GmbH, can bring the battery up to 80 per cent of power capacity in 30 minutes, Munich-based BMW said today in a statement. U.S. owners of the i3 can buy the charger, about half the si ...
Source: Driving Canada   Full article at: Driving Canada
 

 
Update
8

6 hours ago

Bugatti Veyron Super Sport Hits 246 MPH On Public Road: Video

Jul 28 2014 11:30am CDT | Source: Motor Authority

Going fast on a private stretch of race track is quite enjoyable. Especially when there happens to be enough room to really let the car stretch its legs. That is why Volkswagen owns the Ehra-Lessien testing facility in Germany, which comes with a 5.4-mile long straight. It's also the perfect place to find the up ...
Source: Motor Authority   Full article at: Motor Authority
 

 
Update
6

7 hours ago

European jury names 31 candidates for 2014 Car of the Year

Jul 28 2014 10:36am CDT | Source: Autoblog

Filed under: EuropeEvery year a panel of jurists representing a variety of automotive publications in different languages and from different countries get together and pick their Car of the Year. It's a long and exhaustive process, and it starts right here. For the 2015 award, the panel has identified 31 candidates: the Audi TT; BMW 2 Series Active Tourer and 2 Series Coupe, i8 and X4; the Citroën C1 and C4 Cact ...
Source: Autoblog   Full article at: Autoblog
 

 
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5

9 hours ago

Get Your Kicks With The Fiat 500L Vans Concept

Jul 28 2014 7:50am CDT | Source: Motor Authority

The stereotypical surf wagon is a ratty old woody or Volkswagen bus, but Fiat's designers hope the 500L can take on that role as well. Unveiled at the Vans U.S. Open of Surfing in Huntington Beach, California, the Fiat 500L Vans concept is a modern-day beach cruiser inspired by the pop ...
Source: Motor Authority   Full article at: Motor Authority
 

 
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4

10 hours ago

Porsche acquires Kyalami race track at auction

Jul 28 2014 7:00am CDT | Source: Autoblog

Filed under: Motorsports, Porsche, Earnings/Financials With more victories under its belt than any other manufacturer, you could say, in a figurative sense at least, that Porsche owns countless numbers of race tracks around the world. But here we're not talking about figuratively owning a track - we're talking about literally buying one. And Porsche has just bought Kyalami. Kylamai, for those unfamil ...
Source: Autoblog   Full article at: Autoblog
 

 
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3

12 hours ago

$30,000 Cheap Speed Challenge: What the Judges Said

Jul 28 2014 5:00am CDT | Source: Cars.com

To test our sub-$30,000 speedsters, we put them through an even more rigorous set of tests than we usually use in our Challenges: We spent one day at the Byron, Ill., Dragway to get zero-to-60-mph times and quarter-mile times and speeds; we also captured 60-mph-to-zero braking distances there. We spent one day at the Autobahn Country Club in Joliet, Ill., where the experts put the cars through a long day on the road course there. We took all eight on a mileage drive of more than 200 miles to ...
Source: Cars.com   Full article at: Cars.com
 

 
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2

20 hours ago

The ‘quirky little car’ inspiring an automotive backlash

Jul 27 2014 9:23pm CDT | Source: globeandmail - Globe Drive

The famed Mitsubishi Delica is a boxy, diesel-powered vehicle that strongly resembles the iconic Volks ...
Source: globeandmail - Globe Drive  Full article at: globeandmail - Globe Drive
 

 
Update
1

1 day ago

Audi cuts spare-part prices in China amid anti-monopoly probe

Jul 27 2014 9:12am CDT | Source: Automotive News

Volkswagen AG's luxury Audi brand plans to cut spare-part prices in China as global automakers rush to change their pricing strategies after Chinese anti-monopoly regulators began probing the ...
Source: Automotive News   Full article at: Automotive News
 

 

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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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