Could longer loan terms affect vehicle sales?
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Description
Abstract: The average price of a new car hit $38,377 at the end of 2019, which was up about 1% from a year earlier, according to Edmunds. To make monthly payments on new cars more affordable, some buyers are taking on longer loan terms, with the average loan term for a new vehicle now at 69 months. This article explores how longer loan terms may, or may not, affect car and truck sales.
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