Buyers Take Longer Loans to Cover New Car Costs
Despite rising new vehicle prices nearing $50,000, auto sales remain strong as consumers take on record debt and longer loan terms. The average new-vehicle loan now totals nearly $44,000, with loan durations extending beyond six years, and monthly payments exceeding $770 for some borrowers. Credit scores significantly impact financing costs, with lower scores facing higher interest rates and increased total interest payments.
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