How Long Do Car Loans Usually Last in Canada?
Why Have Loan Lengths Increased?
In the past, a typical car loan would last for five years, but these days consumers are seeking lower payments instead of shorter payment periods. They can achieve this by seeking loans with lower interest rates and longer repayment terms. This is great for buyers in the short run and better for lenders in the long run.
Lenders are not losing money by offering lower payment. In fact, the longer a loan is active, the more money a lender will make over time. For consumers, even though the end price is higher, the ability to pay smaller amounts over a longer period makes buying a new car less of a burden.
More Reasons Loans Have Gotten Longer
Another reason that the length of car loans has increased is that the average cost of a car has also gone up. There are still plenty of affordable options out there, and of course, people are still...
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How We Can Help
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