Length of car loans rises, helps fuel sales
Melissa Burden/The Detroit News
25 August 2014
Auto industry analysts say that longer term auto loans — some for seven years or longer — have helped fuel robust growth in new car sales. But the increasing prevalence of the six-year-plus terms has led some industry observers to question the practice. With a seven-year car note your baby in the back seat will be well into elementary school when the vehicle is paid off.