(July 4, 2017) SANTA MONICA, Calif. — As car buyers' appetites for bigger and more expensive vehicles grows, so does their willingness to take longer paying for them, according to a new analysis from Edmunds.

The average auto loan length reached an all-time high of 69.3 months in June — up 6.8 percent from five years ago. The average amount buyers financed recorded the biggest uptick for the year, hitting $30,945 (up $631 from May), also leading to the highest monthly payments for the year, now averaging $517 (up from $510 in May).

"Stretching out loan terms to secure a monthly payment they're comfortable with is becoming buyers' go-to way to get the cars they want, equipped the way they want them," said Edmunds Executive Director of Industry Analysis Jessica Caldwell.

"It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans, but it's also a sign that consumers are still confident enough in the economy to spend more on their vehicles and commit to paying for them longer."

Edmunds also finds that the APR dipped just below 5 percent for the first time since February, averaging 4.96 in June. The APR has increased 5.7 percent from a year ago and 13.6 percent from five years ago.