New car buyers stretching payments out past 5 years - News, Weather and Classifieds for Southern New England

New car buyers stretching payments out past 5 years

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It seems new car buyers are stretching out their loans to record lengths.

The Detroit Bureau reports the average new loan is 5-and-a-half years.

Statistics from the data tracking firm, Experian Automotive, nearly a quarter of those buyers have payments from between 73 to 84 months.

The downside to that lower monthly payment, they say, is you'll pay more in interest, and could find yourself upside down in the loan if you try to sell the vehicle too soon.

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