Not only are loans longer, but more is being spent on buying new cars. Average loans for new car purchases increased from $ 33,833 in the same quarter of 2020 to $ 35,392 in the first quarter. The number of vehicle loans extended for more than 72 months also increased from just under 32% to over 35%.
Consumers borrow more money for longer periods to buy cars in these segments, coupled with the fact that 56% of new cars purchased in the first quarter were SUVs and only 17% were trucks. It is clear that they are willing to. This may lead you to assume more careless spending patterns, but that’s not all the bad news based on car buyer credit records.
https://carbuzz.com/news/americans-are-going-into-bigger-debt-for-pickups-and-suvs Americans are in greater debt for pickups and SUVs