Tesla buyers have longest auto loans, LendingTree study finds

Tesla owners are in it for the long haul.

According to a new report from LendingTree, buyers of premium electric cars are taking out loans with an average term of 67.1 months, the longest of any brand.

Ram and Kia truck customers follow at 66.3 and 64.8 months, while Lexus and Mini owners have the shortest terms at 60.4 and 59.7 months.

The study looked at 29,000 loans issued on the platform between October 2018 and October 2021 and found the overall average at 62.9 months.

Term lengths had been on a downward trend until November 2020, when they hit a low of 59.9 months over the study period, but started to increase with car prices and peaked at 65.6 months in July this year.

The states with the longest loans were Maryland and Iowa, tied at 64 months, and Florida and Arizona, tied at 64.7 months.

Major metropolitan business centers tend to have shorter loan terms, with San Francisco leading at 60.2 months ahead of New York and Milwaukee at 61 months and Detroit at 61.1 months.

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LendingTree says areas with higher median incomes often have the shortest mortgages because buyers are likely to put down a bigger down payment or make larger monthly payments.