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Americans and Canadians now prefer longer loan periods

Canadians now prefer longer loan periods to keep their monthly bills down. This is according to a new study made by JD Power and Associates. JD Ney, one of its automotive account analysts, said than more than half of people financing new car purchases have opted for a payment term of six years or longer. In 2007, the average finance term on a new car was 50 months. At present, the average term has increased to 62 months.

Consumer incomes have remained stagnant and people need to stretch out their loans over six or seven years to keep their monthly payments affordable. Ney added that this has become a new trend in the industry, in which Manufacturer’s Suggested Retail Price has become a non-issue to new vehicle lender payday loans

Canadians are taking on debt at a slower pace compared to the same period a year ago. Car loans not issued by banks have the largest increase of all types of debt, which is at eight percent. Ney said that the number of Canadian faxless payday loans Canada car buyers who finance their purchase have increased in the past couple of years.