Lengthy New-Car Loans Surge

More than one-third of new-car loans in the U.S. carry terms of at least 73 months, according to Experian Information Solutions Inc. That compares with only 12% in 2009.

The credit scorer firm says the proportion of longer-term months also is rising, with 29% of all new-vehicle loans now at 84 months. Few lenders go beyond that range, but Experian says some credit unions are approving loads beyond 96 months.

Experian says loans for used cars also are growing longer. It says about 30% of such loans on 2016-model vehicles are for at least 73 months. And 10% of loans on 2010 models are for 73-84 months.