Automobile financing have now been getting larger, longer and riskier. If you’re reasoning about taking out fully car finance of 5 years or much much longer, you could again want to think.
Based on information from Experian, normal car finance quantities are in a record extreme. The typical loan is now above $30,000 and the average used car loan is $19,329 for new cars. Specially worrisome: borrowers are remaining in debt much longer.