Summary
Car buyers are taking on longer, more expensive loans as affordability pressures reshape the auto market, according to the report. Rising vehicle prices and higher interest costs are pushing consumers to stretch repayment terms beyond six years to keep monthly payments manageable. Lenders are increasingly approving larger loan amounts, while borrowers rely on extended financing to offset record-high car prices. The trend shows more buyers committing to debt for longer periods, raising concerns about negative equity and financial strain. Despite easing interest rates in some cases, overall loan burdens continue to climb, reflecting persistent cost pressures in new and used car markets.
Carscoops
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