The average car loan term is nearly 6 years — here's what that means for your wallet
Before you accept an auto loan, you'll need to decide which repayment terms make the most sense for your budget. While it's important to compare interest rates and fees, don't overlook the loan term — or how long you'll have to repay what you borrow.
Reported by 1 outlet — CNBC Top News. See all sources ↓
Before you accept an auto loan, you'll need to decide which repayment terms make the most sense for your budget. While it's important to compare interest rates and fees, don't overlook the loan term — or how long you'll have to repay what you borrow. Your auto loan term is the amount of time you agree to repay the loan, plus interest. In many cases, you can pay off the loan early without penalty, though some lenders may charge a prepayment fee.
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Why it matters
A economy story we're tracking; its significance and source trust firm up as more outlets confirm it.
- What's the story?
- Before you accept an auto loan, you'll need to decide which repayment terms make the most sense for your budget. While it's important to compare interest rates and fees, don't overlook the loan term — or how long you'll have to repay what you borrow.
- How widely is it covered?
- 1 outlet, average source rating 7.0/10.
- When was it last updated?
- 15h ago.
How outlets are framing the same story
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The average car loan term is nearly 6 years — here's what that means for your wallet
Sources1TypeCoverageCNBC Top News