Question: In early 2 0 2 0 , 7 2 months was the most popular loan term, with many borrowers taking out 8 4 - month

In early2020,72 months was the most popular loan term, with many borrowers taking out84-month loans. What are the implications of long loan terms for the likelihood that a borrower will default on a loan? Why would auto finance companies have been willing to make such long loans? Why would people be willing to borrow for such a long term?

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