In Search of Lower Interest Rates, Some New Vehicle Shoppers Opted for Shorter Loan Terms in Q1 2023

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Jun 01, 2023

To offset rising interest rates, some vehicle shoppers opted for shorter term loans in the first quarter of 2023. According to Experian’s %3Ci%3EState+of+the+Automotive+Finance+Market+Report%3A+Q1+2023%3C%2Fi%3E, the average loan term for a new vehicle for near prime, prime and super prime consumers decreased by as much as one month.