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According to recent data, nearly 84% of new cars and over 40% of used cars purchased today are financed with the help of an auto loan. These auto loans typically come with terms as short as 12 months or as long as 108 months, depending on the lender and the type of vehicle purchased.
Due to the ever-increasing prices of both new and used cars, the vast majority of drivers today will find themselves financing their vehicle purchase. This is especially true with new cars, which were financed a whopping 81.2% of the time in 2021.