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 ...

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