This map shows the average monthly auto loan payment in every U.S. state. (via CNBCMakeIt)
The average cost for a new car is based on figures from Kelley Blue Book, Edmunds and J.D. Power, which came to $34,047. For used vehicles, the consensus average price is $20,200. Autowise used credit information from Experian, 72 months as the average 2019 car loan term and an average down payment of 11.7%.
"Over the last 15 years, the average loan balance has gone up considerably all across the U.S.," says Autowise. "This seems to be the norm now as Americans prioritize monthly payment amounts rather than total loan amount."
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