How Much an Auto Loan Will Cost You for a New Car in These 4 Southern States
Written by
Joel Lim
Edited by
Nicholas Morine
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With the cost of cars increasing due to inflation, a shortage of supply, and rising adoption of hybrids and EVs, it is vital to know the price of an auto loan.
For those in the Southern states seeking credit financing to purchase a new vehicle, the following things can influence the total cost: down payment, loan duration, and car type, which also determine the total amount borrowed for financing. Let’s consider the average price of auto loans in several important Southern states.
Alabama
In Alabama, the total and average cost of an auto loan for new cars is $47,427, while the monthly payment is $765 on average. A detailed look at the cost indicates that it will cost a truck enthusiast approximately $47,310 to obtain a new truck model, and the monthly installments are roughly $757. The price is still relatively comparable for SUVs. The total loan amount is $47,283, and the monthly amount is $755.
However, there are moderate variations depending on the state. Electric car drivers in Alabama will pay $46,139 in total and $673 in monthly installments. Sedans are slightly more expensive, at $47,915, with monthly payments as high as $801.
Arkansas
Arkansans taking out auto loans to purchase a new car also spend an almost equivalent amount, with the total average cost of the loans amounting to $47,387 and $762 a month on average. The information about this type of loan if you plan to purchase a truck is that the total cost is $47,362, and the monthly payment is $760. For SUVs, one can anticipate paying approximately $47,273 to purchase the car and a monthly installment of $754.
If electric cars are more to your liking, you will pay roughly $46,721 for a new electric vehicle in Arkansas, while the monthly payments will be $714. Sedans are still a bit pricey: they start from $47,765 and will set you back $790 monthly.
Florida
Florida has an average car finance cost of $47,222 and an average monthly payment of $765. For those interested in trucks, the price is raised to $47,442, with a $766 monthly fee. Another favorite in Florida is SUVs, which cost approximately $47,330 to keep and have monthly payments of $758.
If you’re considering an electric vehicle, the cost is lower than traditional cars: $46,799 or $720 per month. Sedans, however, cost more: $47,623, and the monthly payment is $779.
Mississippi
In Mississippi, the current average Auto Loan for new cars is $47,415, and the monthly payment is $764. Customers in the market for a truck will pay approximately $47,238 for the vehicle financing, while monthly payments will be $751. These vehicles will be bought after taking a loan in Mississippi, with a loan price of $47305 and a monthly payment of $756.
For people wanting to own electric vehicles, the total loan cost of $45,919 with a $657 monthly payment makes it one of the lowest among the states. Sedans precede it with a purchase price of $47,866 and a monthly pay of $797.
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