Recent data shows that car loan terms are climbing. 📈 Credit bureau Experian reported that the average car loan term is 68.48 months as of Q2 2024, a slight increase compared to that same period last year. Because a longer loan term allows consumers to lock in lower monthly payments, albeit in exchange for a higher total price tag, this trend may reflect the struggle for affordability as inflation persists. Regardless of the underlying causes, auto lenders also need to consider how this affects their risk profile. If your consumer takes longer to pay off their vehicle, you’ll need to make sure it’s protected for the entire term. Talk to our team to learn how you can continuously monitor your customers’ insurance with CheckMy Driver. https://hubs.ly/Q02Zk1GK0 #insuretech #autosales #insuranceverification #autolending #financing #autoloan
