How Long Do Car Loans Usually Last in Canada?

 
TORONTO - Oct. 30, 2020 - PRLog -- Car loans are complex and simple at the same time. Each loan is tailored to meet the needs of the consumer, as well as the lender extending financing. Depending on a person's financial situation and the terms of the car loan, it is not always easy to give a number for average loan duration. Regardless, keeping these factors in mind, Good Fellow's Auto Wholesalers can give a rough estimate as to how long car loans typically 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...

Read More: https://www.goodfellowsauto.com/auto-loan-tips/how-long-d...

How We Can Help
Are you tired of driving around in a dingy, worn out car? If so, it's never a bad time for an upgrade, and luckily Good Fellow's Auto Wholesalers is here to help. Our team consists of some of the friendliest and most knowledgeable financial experts around. If you would like to find out how to apply for a used car loan (https://www.goodfellowsauto.com/financing/) , give us a call at 1 (855) 581-9590 today for more information. We look forward to speaking with you!

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