U.S. Car Buyers Borrow More, But Rates Fall and Credit Eases

Newswire

By David Henry Dec 4 (Reuters) - U.S. consumers buyers are taking out bigger car loans with longer pay-back periods as lenders offer lower interest rates and accept borrowers with weaker credit ratings, a report released on Wednesday showed. The average loan on a new car climbed to $26,719 in the third quarter, up by $756 from a year earlier, and the most in at least five years, according to data collected by Experian Plc . Despite borrowing so much more, average monthly payments on new car ...

REGISTER NOW

To access this content simply register below now.
Registering is easy and allows you to:

  • Access all WardsAuto.com public content and newswire stories
  • Participate in forums
  • Comment on articles
  • Sign up for e-newsletters
  • And much more!
     

Already registered? here.
Insights

Feb 10, 2016
Video
WardsAuto

GM 3.6L V-6 -- 2016 Award Acceptance

General Motors accepts its award at the 2016 Wards 10 Best Engines ceremony, held Jan. 13 in Detroit....More

Enewsletters

Follow Us

Sponsored Introduction Continue on to (or wait seconds) ×