Borrowers are trying hard as ever, to offset record high prices for new vehicles, by spreading their loans over longer terms.
A longer term produces a lower monthly payment compared with the same amount over a shorter term., which recently reported detailed auto finance results for the fourth quarter of 2021, auto loan terms of 73 to 84 months accounted for 33.1% of new-vehicle loans, up from 30.1% a year earlier. That’s a big change, in only one year. Two years ago, it was 29.7%.
The average new vehicle loan amount increased 12% year-over-year, to $39,721 in Q4 2022, from $35,421 in Q4 2020, Experian said.used vehicle monthly paymentLonger terms also carry a couple of downsides for the borrower. First, in return for a lower monthly payment, assuming the same interest rate, the borrower pays more interest over the life of the loan.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
NHTSA no longer requires self-driving cars to have a steering wheel and pedalsA new rule means companies in the self-driving space will no longer need to fit their cars with manual controls.
Leer más »
Here's where SF is no longer requiring proof of vaccinationYou are longer required to show proof of COVID-19 vaccination or a negative test at most indoor locations in San Francisco and the city of Berkeley beginning Friday.
Leer más »
COVID live updates: SF businesses no longer requiring proof of vaccinationYou no longer need proof of vaccination to go inside many businesses in San Francisco. That includes restaurants, bars, and gyms. Businesses can decide on their own if they want to be more restrictive than local health guidelines.
Leer más »
Masks Will No Longer Be Required in DC Public Schools | Washingtonian (DC)DC public schools will drop mask requirements starting Wednesday, March 16.
Leer más »
Covid-19: Masks no longer required in NI classroomsFace coverings will not be needed in NI's post-primary classrooms from 21 March.
Leer más »
Poland’s two largest cities warn they can no longer absorb Ukrainian refugeesOfficials in Krakow and Warsaw said that they were struggling to cope with the influx of refugees and urged the international community to intervene.
Leer más »