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AUTO LOANS BLOG

Friday, 30 September 2016 / Published in Auto Loans in Canada

Long-term loans: The fuel that’s powering Canadian car sales

Canadians are buying more cars than almost ever before, but a closer look reveals they’re taking longer and longer to pay them off, too.

More than half of all new car loans are currently financed for  84 months — seven years — or longer. Industry standard used to be to amortize car loans over 60 months — five years — but as low interest rates settled in, payment periods began to stretch longer and longer to make monthly payments as low as possible.

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