By Elizabeth Troutman |
Arizona was the state with the tenth biggest increase in auto loan debt from Quarter three to four in 2023, according to WalletHub.
The personal-finance website recently released its report on the States Where Auto Loan Debt Is Increasing the Most, as Americans owe nearly $1.6 trillion in auto loans.
Wyoming was the state with the largest increase in auto loan debt, followed by South Dakota, Texas, Delaware, Minnesota, North Dakota, Colorado, Florida, Alaska, and tenth, Arizona.
“Wyoming residents have a very high average auto loan balance, at $22,104, and reached that number after increasing their average by nearly 1.9% between Q3 2023 and Q4 2023,” John Kiernan, editor of WalletHub, said. “Wyoming residents pay out a whopping $543 per month toward their auto loan debt, on average.”
The states with the smallest increase included Ohio, Nevada, Oregon, West Virginia, Michigan, Connecticut, Montana, Utah, Missouri, and Rhode Island.
Kiernan said from Q3 2023 to Q4 2023, residents of most states either had a less than 1% increase in their average auto loan balance or saw a decrease in the average.
“A few states had more dramatic increases, as high as around 3%, which suggests that people in some states are more affected by inflation in car prices or are biting off more than they can chew when it comes to loans,” Kiernan said.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
