"As auto prices soar, more buyers take out 6 1/2 and 7 year loans" CNBC

Remember when people were making fun of those posters on the OT who were buying 2013 Ford F-150s with 80k miles on them and securing the highly sought after 7 year auto loan? Well who is laughing now!

CNBC

The surge in auto prices in the second half of 2021 has pushed more consumers to take out auto loans that stretch beyond six years, according to a new report analyzing how millions of consumers finance the vehicles they have purchased.

Credit monitoring service Experian, which analyzes new and used vehicle loans, says more than a third of all new vehicles bought in the fourth quarter were financed with loans that have terms of six-and-a-half, seven or even seven-and-a-half years.

Longer loan terms are one way auto buyers are trying to offset a spike in new and used vehicle prices sparked by the low inventory of new cars and trucks.