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Looks like a good reason to buy a Chrysler Service Contract, too.
Auto buyers are taking out loans that are getting longer and longer.
Six-year loans account for four out of 10 loans. Seven-year loans, almost unheard of a few years ago, are increasing every year.
Loans taken out outside of dealerships are leading the trend to the longer loans, according to J.D. Power and Associates' Power Information Network. Loans taken out for 5, 6 and 7 years account for 87% of the non-dealership loans. Almost 7% of the non-dealership loans are for 7 years or more compared with 1.5% of dealership loans.
LINK:Car buyers stretching their loans | Freep.com | Detroit Free Press
Auto buyers are taking out loans that are getting longer and longer.
Six-year loans account for four out of 10 loans. Seven-year loans, almost unheard of a few years ago, are increasing every year.
Loans taken out outside of dealerships are leading the trend to the longer loans, according to J.D. Power and Associates' Power Information Network. Loans taken out for 5, 6 and 7 years account for 87% of the non-dealership loans. Almost 7% of the non-dealership loans are for 7 years or more compared with 1.5% of dealership loans.
LINK:Car buyers stretching their loans | Freep.com | Detroit Free Press
