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InsideEVs
InsideEVs
Technology

Cars Are Now So Expensive That Seven-Year Loans Are The Norm

Elon Musk Tesla Inc. United States Uber Dara Khosrowshahi BMW America Automotive News Europe Waymo

Once upon a time, 60-month auto loans were the norm. Slowly, that number began to creep up. Five years turned into 66 months. Then that became 72 (which apparently is easier to stomach than 6 years). Now, 84 months is quickly becoming a new popular length for auto loans, with more than one in five buyers opting for the extended period.

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