Survey finds auto loans are confusing to many Americans

Hi Carey,
Americans owe a record $1.1 trillion in car loans according to Experian's
recent State of the Automotive Finance Market report, and a survey
conducted by Instamotor proves many borrowers aren't exactly sure what they
signed up for.

We surveyed 800 Americans who have applied for an auto loan about their
auto finance knowledge and learned:

   - 60% don't understand the relationship between loan term and interest
   - 2 in 3 donâ€™t know dealers can add interest to a loan to make a profit
   - More than 3 in 5 donâ€™t know what gap insurance is
   - More than half (60%) canâ€™t name the 3 major credit bureaus

For more results from the survey, visit https://instamotor.com/blog/am
ericans-dont-understand-auto-loans
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.

Thanks,
Liz



[image: photo]
*Liz Glazier*
PR Communications Manager
liz@instamotor.com <liz@instamotor.com> | 650.416.8519 <(650)%20416-8519> |
www.instamotor.com
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