Here’s the Average Monthly Auto Loan Payment in Each State

While car prices and interest rates are on a downward slope, auto loan payments are still relatively high, according to a recent Experian study of its consumer credit database. Though the value of cars themselves is roughly the same across the country, due to varying interest rates, the average auto loan monthly payment varies quite a lot from state to state.

On the high end, you’ve got payments averaging around $726 in Louisiana, while only $538 in Oregon and a wide range across the country.

The good news is that with lower interest rates, auto loan holders with good credit have the opportunity to refinance their loans to bring down these payment amounts. For example, the study authors pointed out that if you have a car loan balance of $35,000 with more than three years left of a monthly payment of $1,008 at an APR of 11%, you can significantly bring this down with refinancing. Even a 7% loan would drop the payment to around $942, a savings of almost $3,000 in interest.

Read on to find out what the average auto loan payment is in your state.

• Average monthly auto loan payment: $674

• Average monthly auto loan payment: $679

• Average monthly auto loan payment: $682

• Average monthly auto loan payment: $699

• Average monthly auto loan payment: $687

• Average monthly auto loan payment: $657

• Average monthly auto loan payment: $580

• Average monthly auto loan payment: $618

• Average monthly auto loan payment: $672

• Average monthly auto loan payment: $697

• Average monthly auto loan payment: $658

• Average monthly auto loan payment: $638

• Average monthly auto loan payment: $637

• Average monthly auto loan payment: $604

• Average monthly auto loan payment: $618

• Average monthly auto loan payment: $640

• Average monthly auto loan payment: $618

• Average monthly auto loan payment: $726

• Average monthly auto loan payment: $594

• Average monthly auto loan payment: $655

• Average monthly auto loan payment: $571

• Average monthly auto loan payment: $562

• Average monthly auto loan payment: $604

• Average monthly auto loan payment: $694

• Average monthly auto loan payment: $620

• Average monthly auto loan payment: $637

• Average monthly auto loan payment: $624

• Average monthly auto loan payment: $695

• Average monthly auto loan payment: $585

• Average monthly auto loan payment: $621

• Average monthly auto loan payment: $728

• Average monthly auto loan payment: $616

• Average monthly auto loan payment: $639

• Average monthly auto loan payment: $687

• Average monthly auto loan payment: $585

• Average monthly auto loan payment: $690

• Average monthly auto loan payment: $583

• Average monthly auto loan payment: $587

• Average monthly auto loan payment: $549

• Average monthly auto loan payment: $639

• Average monthly auto loan payment: $631

• Average monthly auto loan payment: $657

• Average monthly auto loan payment: $728

• Average monthly auto loan payment: $612

• Average monthly auto loan payment: $595

• Average monthly auto loan payment: $638

• Average monthly auto loan payment: $652

• Average monthly auto loan payment: $671

• Average monthly auto loan payment: $589

• Average monthly auto loan payment: $723