Many used cars available today offer high quality and an impressive driving performance that prospective buyers are looking for. However, sometimes subprime buyers need help affording these options, even if they have been owned before. A significant portion of motorists are taking advantage of these options, though, and that may ease the minds of others who are more apprehensive about auto loans. 

According to information from J.D. Power, more drivers are taking advantage of long-term loans. These debts, which are classified as any loan with payments lasting 72 months or more, are becoming more popular, making up about one-third of purchases. 

Although these longer loans are becoming more popular, the average duration of one of these repayments is 66 months, which is just three months longer than the figure from 2009. Most drivers choose a plan that lasts anywhere from 24 to 60 months. 

J.D. Power also noted that even longer loans, such as those that last 84 months or even 96 months, are available for buyers. However, these make up only a small percentage of all auto loans, as many drivers are hesitant about spending that much time paying back auto loans. These longer loans may be an attractive option for subprime buyers, as it allows them to keep monthly payments low. 

If you're looking for a used car that can meet all of your needs, head to NJ State Auto Auction and browse through the selection of Carfax-certified cars, trucks and vans on the lot. With hundreds of options, you can find one that suits your style and budget. You can also stop by NJ State Auto's financing department, which is ready to help you sort out loans and make decisions on auto payments.