The Lowest 5 #Auto Debt Balances by State in the #U.S
The Top 5 Auto Debt Balances by State
1. Texas: $6.7K
2. Louisiana: $5.7K
3. Georgia: $5.4K
4. New Mexico: $5.4K
5. Arkansas: $5.3K
The Lowest 5 Auto Debt Balances by State
1. District of Columbia: $3K2. Connecticut: $3.6K
3. New York: $3.7K
4. Rhode Island: $3.7K
5. Michigan: $3.7K
At an average debt load per state of over $4,500, the
nationwide auto debt load increased by over $9 billion in Q4 2018 to
$1.3 trillion. This number, boosted by historically strong levels of new
loans, also comes with a boost in serious delinquency rates to 2.4
percent. To learn more about how auto loans work, check out our Auto Loan Cost Guide.
Four of the five states with the highest per capita auto
debt loads are in Southern states, and four of the five states with the
lowest loads are in Northeastern states (including the District of
Columbia in first place). Michigan, not known for its economic
robustness, has the fifth-lowest auto debt load. Of course, the cost of
the car loan alone is not the only driving expense: there are also
factors like parking, fuel and insurance rates
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