The average length of loans for new and used vehicles in the United States in the first quarter hit record highs, and nearly 30 percent of new-vehicle loans have pay-back periods longer than six years, Experian Automotive said in a report issued on Monday.
The average term for a first-quarter new-vehicle loan was 67 months and for used vehicles, 62 months, Experian said.
Experian found that in the first quarter, 29.5 percent of new-vehicle loans in the U.S. had a term of 73 months to 84 months.
Experian has been tracking the length of auto loans since 2006.