FLORIDA, Apr. 29, 2013 /MarketersMedia/ -- Research and data by Experian has revealed that an increasing number of Americans are buying new cars with long auto loan repayment periods with the average being over 5 years and many stretching theirs into 6 or 7 years.
Experian analyzed auto loans written during the second quarter of 2012 and found that average monthly payments for new and used vehicles increased during this period. Conversely, the average credit score of American consumers plummeted to its lowest level since the start of 2008.
According to Experian, the average duration of a loan for a new car went up by one month in the second quarter of 2012, taking it to a total of 64 months. This means that the average auto loan length in the USA now spans 5.3 years as motorists take greater loan period to afford the vehicles they need for their families and businesses. Auto loan comparison sites such as PersonalLoansForBadCredit.net help motorists compare the best deals to enable them to pay less overall, rather than pay more over longer periods.
Sam Milo, a spokesperson for the site, responded to the report’s findings in the following statement. “Experian’s report demonstrates the huge expansion that has taken place within the auto loans market. This is fueled by consumer demand for affordable vehicular purchase options. With news that the average credit score has dropped even lower, it is just not feasible for the overwhelming majority of motorists to make an outright car purchase in cash, check or by banker’s draft. Car loans are the common denominator, highlighting the importance in selecting a good financer carefully as they could potentially be locked into expensive repayments for up to 7 years. We are able to put consumers in touch with reputable and competitive finance companies offering auto loans to all credit backgrounds.”
Motorists can complete a fast and secure online application via the site for immediate screening by a panel of well-regarded car finance companies. Notifications are on screen and loans can be made available within 24 hours of approval and acceptance. More about auto loans can be found on http://www.personalloansforbadcredit.net/bad-credit-auto-loans.html
Visit http://personalloansforbadcredit.net for more information.
Name: Sam Ash
Address: 7500 ROSWELL RD , ATALNTA , GA
Press release distributed from: http://marketersmedia.com/average-length-of-american-car-loans-now-reported-to-be-5-years/11767