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Length of auto loans of new and used vehicles with financing in the United States in April 2019 and April 2020 (in months)

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Source

Release date

May 2020

Region

United States

Survey time period

April 2019 and April 2020

Citation formats

Auto loan terms of new and used U.S. vehicles 2019-2020

Published by ÌÇÐÄÆƽâ°æ Research Department, May 6, 2020
In April 2020, the average auto loan term for a new car in the U.S. was **** months, up from **** months in April of the previous year. This is the first time that loan term lengths have surpassed 70 months in the United States, and is likely a response to the coronavirus pandemic which is sweeping the globe.
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