Maine, R.I. among states where auto loan interest rates are spiking

With the average interest rate on auto loans rising by as much as 2% between Q2 2024 and Q3 2024, but the recent Federal Reserve rate cut likely to bring down APRs in the future, the personal-finance website WalletHub today released its new report on the States Where Auto Loan Inteest Rates Are Increasing the Most, based on proprietary user data.

For the full report and to see where your state ranks, please visit:
https://wallethub.com/edu/states-auto-loan-interest-rates-change/142747



"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."
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"Residents of North Dakota saw the biggest increase in auto loan interest rates from Q2 2024 to Q3 2024, with the average rising by around 2.3%. That brought the average interest rate overall to 9.4%. The good news is that even with the large increase, North Dakota residents pay much less on their auto loans than people in many other states. In fact, their average interest rate in Q3 2024 was the 18th-lowest in the nation."

-Chip Lupo, WalletHub Analyst