Wallethub Shows Missouri At #37 When It Comes To Auto Loan Rates

With interest rates on new car loans, nationwide, averaging 8% with commercial banks and 6% with other lenders, how does the State of Missouri rank where those loans are increasing the most…?

According to personal finance website WalletHub.com, Missouri ranks 37^th showing an increase of just 0.76% from the second quarter to the third quarter of this year and an overall auto loan rate of 11.11% for the third quarter of this year.

Delaware and Vermont can boast of the smallest increases for auto loan interest rates while Utah and North Dakota are at the other end of the survey.

Overall, according to WalletHub.com, Americans collectively have over $1.6 trillion in auto loan debt or an average of more than $13,000 per household.

Full Report:

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 Interest 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