November 3, 2024

Auto loan interest rates on the rise across states

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(KOAM) — Nationwide, the average interest rate on loans for new cars is over 8% with commercial banks and over 6% with other finance companies, according to WalletHub.

As auto loan interest rates continue to rise, WalletHub compared the 50 states based on user data from Q2 2024 to Q3 2024.

North Dakota
Utah
Alaska
Rhode Island
Hawaii
Colorado
Kansas
Maine
Oregon
Oklahoma

Arkansas ranked 28 and Missouri ranked 37 on the list.

“Auto loans are unfortunately a necessity for many Americans, but there are plenty of good ways to decrease the amount of interest you’ll need to pay. For example, you can compare multiple loan offers, and buy a used vehicle or make a large down payment. Prior to buying a car, you should also practice good financial behavior with other types of credit, like credit cards, as better credit scores lead to lower interest rates. Finally, you can always refinance your car loan in the future to lower your interest rate,” says Chip Lupo, WalletHub Analyst.

To read the full WalletHub report, click here.

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