Record Terms, Monthly Payments for U.S. Car Loans

The average payback periods for new and used vehicles in the U.S. have reached record highs of 67 months and 62 months, respectively, according to credit report provider Experian plc's automotive unit.

A record 30% of all new vehicles financed in the U.S. in the first quarter of 2015 had terms lasting 73 months or more, the firm says. Similarly, 14% of long-term used-car loans surpassed 73 months, also an all-time record.

The average new-vehicle loan in the first quarter rose $1,100 to a record $28,700 compared with the same period in 2014. The average monthly payment climbed to a record $488, up $14 from a year earlier, according to Experian.