General Motors Corp.'s (GM) lending arm, GMAC, said Thursday, it will keep the life of its car loans at a maximum of five years as other banks have opted to extend car-loan installments.

The life of GMAC car loans in Brazil have been as long as 62 months, but never more than that.

On Wednesday, Banco Bradesco (BBD) said it would extend its car payment terms to 80 months from 60 months. Rivals Itau Unibanco Multiplo (ITUB) and Banco Santander (STD) have extended their car installments to 72 months from 60 months, Dow Jones Newswires reported Thursday.

Brazil is General Motors' third biggest market outside the U.S. and China.

-By Kenneth Rapoza, Dow Jones Newswires, 5511-2847-4541, kenneth.rapoza@dowjones.com