Car prices climb, auto loans get longer

Car loans are getting longer as prices for both new and used vehicles continue to rise.

A new Experian Automotive report earlier this year found nearly a third of car loans exceeded six years. Experian is a global data and technology company that tracks the automotive finance market. The average new vehicle loan nationally is about five years and nine months, according to data from OnPoint Community Credit Union. The average loan for a used car is around five years and seven months.