New-Car Financing Records Pile Up in Q3 as Buyers Borrow More and Stretch Loans Longer, According to Edmunds

Edmunds said record vehicle loan amounts and longer repayment terms drove auto-borrowing costs to new highs, despite the average APR remaining steady at 7%. The trend signals worsening affordability for car buyers and potentially greater consumer-credit risk, although it is unlikely to have broad market impact.