A car is a major purchase, and it's not uncommon for individuals to need some help to close the deal. Many turn to auto loans to spread out the cost of the investment, and recently this financing option has undergone an evolution that makes it more attractive to motorists. Whereas loan payments once were restricted to four years or less, the uncertain state of the economy and a surge of subprime borrowers have extended the typical financing timeline. 

While the length of a loan payment will vary from person to person based on individual financial situations, recently providers have been offering longer deals for drivers. Instead of short-term loans, which were once the norm, many motorists are embracing financing deals of five years or more. 

According to a study from Experian Automotive, the average car loan now runs about 65 months. That is longer than it was a decade ago, and as a result consumers are turning their attention to slightly more expensive vehicles. Because the payments are spread out over a longer period, the monthly rates stay low, allowing drivers to take advantage of high-quality cars without breaking the bank. 

"The days of four-year loans are rare," Ronald Montoya, the consumer advice editor of Edmunds.com, told The Salt Lake Tribune. "Consumers are getting more and more focused on monthly payments and getting into a loan cheap." 

Finding a high-quality, low-cost vehicle can make taking out an auto loan more palatable. That's why many motorists turn to places like New Jersey State Auto Auction, which has a wide selection of CARFAX-certified cars, trucks and vans that won't put a dent in their wallets.