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Cash payments, 48-month loans pick up steam in Q1

48-month terms made up 12.5% of new-vehicle loans

Amanda Harris

An uptick in cash purchases contributed to a decline in new-vehicle financing in the first quarter, driven mainly by prime consumers looking to spend less on interest.   Of new vehicles purchased in Q1, 79.35% were financed compared with 84.8% a year ago, according to Experian’s Q1 2023 state of the auto finance market report.   […]

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