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AP National News

Edmunds: A longer loan for your car? Bad idea

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Published 3:25 AM

By RONALD MONTOYA
Edmunds

The conventional wisdom of car buying once stated that your loan should not exceed 48 months. But the latest data from Edmunds shows that the average loan term for a new car has steadily increased over the last decade and is now about 70 months. These longer loan terms reflect not only a trend of people preferring costlier trucks and SUVs but also inflated prices due to a nationwide vehicle shortage. At today’s car prices, the old rule of thumb is not only being ignored but is also unattainable for most Americans.

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