It appears that with the state of the economy continuing to falter, Americans are becoming more open to extending the length of their car loans.<\/p>\n
In October, the median length of loans in the U.S. was 48 months, according to a survey done by Cars.com. But in another survey from the website last month, the median loan length jumped to 60 months.<\/p>\n
Although it looks like car buyers are becoming more willing to spend up to 60 months to pay off their vehicle, the survey finds that a growing number of people are actually extending the length of their loans beyond the five year mark.<\/p>\n
The survey from Cars.com finds that the amount of people with loans of either 72 or 84 months increased from 10 percent in October to 26 percent last month.<\/p>\n
Patrick Olson, editor in chief of Cars.com warns that taking loans of this length has consumers running the risk of being underwater.<\/p>\n
“Obviously, the economy has consumers looking for ways to save by extending loans and cutting monthly payments,” Olsen said. “However, the real risk with that is consumers may wind up upside-down on their loan, owing more money on the car than it’s worth.<\/p>\n
Find New York Used Cars<\/a> with New Jersey State Auto<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" It appears that with the state of the economy continuing to falter, Americans are becoming more open to extending the length of their car loans. In October, the median length of loans in the U.S. was 48 months, according to a survey done by Cars.com. But in another survey from the website last month, the […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"yoast_head":"\n