In the fourth quarter of 2024 average loan term for new cars being 67.98 months and 67.20 months for used cars, more than 2/3 are 72 months.
Average loan terms for new and used cars are close to six years and the majority of loans have terms of more than five years, as of Q2 2024. Longer-term loans can lower your monthly payments, but also cost you more in interest over time, increasing the total price of your vehicle. The average car …