Longer auto loans help push healthy sales into New Year - FOX 26 News | MyFoxHouston

Longer auto loans help push healthy sales into New Year

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HOUSTON (FOX 26) -

Automakers are hoping healthy sales in the US continue into the New Year and longer loans may help drive some of the business.

Credit reporting agency Experian reports the number of new car loans that take six years to pay off accounted for most of the borrowing business in 2012.

Seven-year loans grew by 27 percent.

Car dealers say a lot of customers walk through the door with a specific payment in mind.

"Where you were used to being in that $15,000 type car: that car is now in that $20 – 25,000 range, so they're gonna' extend their loans a little to try to stay within that payment range," Legacy Ford owner Ron Ewer says.

Dealers say easier lending guidelines and better-built cars that people can keep longer are helping to fuel the longer-loan trend.

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