Loan terms

Tesla buyers have the longest loan terms

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Tesla not only tops the sales charts, but also the loan tenure charts. A study by an online lender loan tree showed that Tesla buyers are willing to take out a five-and-a-half-year loan to be able to drive one of the electric vehicles.

To get the data, Lending Tree looked at 29,000 car loans from October 2018 to October 2021. Loans from 30 car brands ranging from Tesla to Ram to Audi were looked at. Tesla came out number one with its buyers averaging 67.1 months on their loan terms. Ram was close behind at 66.3 months.

Surprisingly, terms longer than five years have remained the norm for most. Each brand on the list has loan terms of over 60 months on average. No one has to cross yet 70 months.

ButSome brand rankings aren’t where you think they would be. Nissan, for example, a brand that made easier for people to get longer loans earlier this year came in sixth place with an average of 64 months. Toyota was bottom of the list at 61.6 months. Porsche and Buick are tied for 15th place at 62.4 months.

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There was only one brand whose terms were less than 60 months: Mini. Its buyers have an average of just 59.7 months on their loan terms.

With new car prices average over $45,000, longer loan terms aren’t much of a shock. Tesla buyers face their own unique setbacks like the price on their vehicles having been raised several times. the Model 3 saw a $5,000 increase in only at the beginning of this year. You can’not even plus get a Model 3 for under $40,000. And if these trends continue, it may not be long before we exceed these terms by more than 67 months for Tesla owners at 72 and 75 month loans.