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United States Car Loan Debt Touches IDR 1.1 Trillion

 Shocking news came from the Adi Daya State, United States (US). The car loan loan debt from Uncle Sam's country reached Rp 1.1 trillion US dollars (Rp 14,571 trillion).

United States Car Loan Debt Touches IDR 1.1 Trillion

According to a report by a financial institution from the US auto market, Experience State, auto loans increased due to an increase in loans to prime buyers. Meanwhile, subprime or vehicle ownership credit packages continued to decline.

Automotive News, Monday (9/18/2018), reported that many Americans prefer to minimize monthly payments. Therefore, they choose to adopt longer term loans than necessary. Heading into the third quarter, the US new vehicle loan average was 68.8 months and the US used vehicle loan average increased one week from a year ago to 63.98 months.

This can be seen from the higher number of loans for new vehicles with maturities of between 85-96 months, while for used car buyers who choose loans with maturities of 73-84 months, around 17.7 percent.

As loan terms improved, average monthly payments continued to rise and hit a second-quarter high of $504 this year, $5 more than the previous year.

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