Car Loan Balances Vary Significantly Across the Country

The price of a car, both new or used, has skyrocketed over the previous couple of years, primarily attributable to disruptions within the manufacturing of latest vehicles. As such, it is essential for automotive patrons to make sure they get deal on an auto mortgage to economize.

That is significantly true in states the place debtors have increased balances, together with Texas, Louisiana, and Georgia. However even in states and districts with the bottom balances, together with the District of Columbia, Hawaii, and Massachusetts, it is necessary to be conscious of what you are paying.

Key Takeaways

  • Residents of Texas, Louisiana, and Georgia carry the very best common auto mortgage balances.
  • D.C., Hawaii, and Massachusets residents carry the least quantity of auto mortgage debt on common.
  • Automobile patrons ought to take their time to buy round and evaluate a number of mortgage choices to make sure they get the bottom fee and month-to-month fee.

The Highest and Lowest Auto Mortgage Balances by State

It is tough for a lot of shoppers to purchase a brand new or used car with out financing at the very least a portion of the acquisition worth. Nevertheless, residents of some states are likely to borrow greater than others. This is a breakdown of the highest 5 states with the very best and lowest auto mortgage balances, based on knowledge from the Federal Reserve Financial institution of New York for the fourth quarter of 2021.

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States with the Highest Auto Mortgage Balances

  1. Texas: $7,270
  2. Louisiana: $6,510
  3. Georgia: $6,080
  4. Arkansas: $5,990
  5. Florida: $5,980

States with the Lowest Auto Mortgage Balances

  1. District of Columbia: $3,620
  2. Hawaii: $3,980
  3. Massachusetts: $4,020
  4. Connecticut: $4,050
  5. New York: $4,080

Common Auto Mortgage Stability by State

The typical automotive mortgage stability throughout the U.S. is $5,210. This is the way it breaks down by particular person states:

 State Common Automobile Mortgage Stability
Alabama $5,550
Alaska  $5,350 
Arizona $5,780 
Arkansas  $5,990 
California  $4,940 
Colorado  $5,090 
Connecticut  $4,050
Delaware  $5,440 
District of Columbia $3,620 
Florida $5,980 
Georgia  $6,080 
Hawaii  $3,970 
Idaho  $5,190 
Illinois  $4,630 
Indiana  $4,910 
Iowa  $4,920 
Kansas  $4,430 
Kentucky  $4,530 
Louisiana  $6,510 
Maine  $5,180 
Maryland  $5,700 
Massachusetts  $4,020
Michigan  $4,410 
Minnesota  $4,440 
Mississippi  $5,780 
Missouri  $4,740 
Montana  $4,740 
Nebraska $4,620 
Nevada $5,710 
New Hampshire  $5,860 
New Jersey  $4,500 
New Mexico  $5,320 
New York  $4,080 
North Carolina  $5,600 
North Dakota  $5,800
Ohio  $4,940 
Oklahoma  $5,900 
Oregon  $4,300 
Pennsylvania  $4,650 
Rhode Island  $4,330 
South Carolina $5,420
South Dakota  $4,950 
Tennessee  $5,230 
Texas  $7,270
Utah  $5,710 
Vermont  $5,620
Virginia  $5,210 
Washington  $4,620 
West Virginia  $5,640 
Wisconsin  $4,300 
Wyoming  $5,480 

Store Round to Discover the Greatest Automobile Mortgage Charges

No matter how a lot you intend to borrow to purchase your subsequent automotive, it is necessary to check charges and phrases from a number of lenders. To get began, overview our greatest automotive mortgage charges to seek out the highest lenders and evaluate what they’ve to supply. For these with current automotive loans, refinancing the stability may probably save on month-to-month funds.