GITNUX MARKETDATA REPORT 2024

Statistics About The Average Car Loan Length

Statistic 1

"The average length of an auto loan term for a new car in the U.S is approximately 69 months."

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Statistic 2

"For Q3 2020 in the US, over 66.5% of new vehicle loans had terms of over 60 months."

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Statistic 3

"In 2019, loans with terms ranging from 61 to 72 months made up 42.1% of all new car loans."

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Statistic 4

"The percentage of auto loans with a term over 73 months was 30.6% as of Q4 2018."

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Statistic 5

"Virtually no auto loans currently being issued are below 36 months in length."

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Statistic 6

"In Q2 2019, the average loan amount for a new vehicle reached an all-time high of $32,480."

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Statistic 7

"In 2019, 32% of car buyers were still paying off their trade-ins, up from 25% in 2015."

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Statistic 8

"In 2020, the percentage of 25 to 36-month loan terms for used cars was only about 1%."

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Statistic 9

"In 2020, the average new-car loan term was 71.54 months, up from 70.61 months in 2019."

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Statistic 10

"In 2020, the average used-car loan term was 65.85 months, up from 65.30 months in 2019."

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Statistic 11

"In July 2020, the percentage of new-car loans with 72-month terms was 34%, and those with 84-month terms was 27%"

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Statistic 12

"In 2019, around 70% of new cars were financed, with the average loan term being around 69 months."

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Statistic 13

"On average, Americans owe $17,927 in auto loan debt, as of Q1 2020."

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Statistic 14

"The average loan amount for vehicles in the U.S. increased by $4,356, reaching $31,455 in 2020."

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Statistic 15

"Consumer auto loan duration extended to 64 months for used cars in 2016, from 62 in 2009."

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Statistic 16

"In the United States, for 2019, the average loan length for a new car was 69.17 months and for used cars, it was 64.89 months."

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