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US car loans grow bigger, and longer, than ever

US consumers are willing to spend big bucks on their new vehicles and looking to longer-term loans and leasing to do it, writes Megan Lampinen

Solid economic fundamentals are supporting bigger and longer car loans in the US, but not without consequences. Data from Experian Automotive shows that the average amount financed and the average monthly payment for a new vehicle in the US in the fourth quarter 2015 hit a new record. The average finance amount rose by US$1,170 year-on-year to US$29,551, while the average monthly payment rose by US$9 to US$493.

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