How Much an Auto Loan Will Cost You for a Used Car in These 14 East Coast States

Purchasing a used car is usually cheaper than buying a new one. If you finance the vehicle, you’ll generally pay less per month, and it won’t depreciate as quickly as a new car fresh off the dealer’s lot. It’s a great way to save money, which is important for anyone on a strict budget.

If you’re considering buying a used car on the East Coast, you might wonder about average loan prices. GOBankingRates did a study to evaluate loan terms across East Coast states, including Connecticut, Delaware, Florida, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Virginia. 

GOBankingRates sourced average interest rates on auto loans, assumed buyers chose a five-year term and made a 20% down payment. Based on these parameters, here are the average loan rates, total costs and monthly payments for used auto loans on the East Coast.

Used SUV

• Average auto loan rate: 10.09%
• Average auto loan total cost: $25,708
• Average auto loan monthly cost: $433

Used Truck

• Average auto loan rate: 10.30%
• Average auto loan total cost: $25,737
• Average auto loan monthly cost: $435

Used Electric Vehicle

• Average auto loan rate: 9.35%
• Average auto loan total cost: $25,607
• Average auto loan monthly cost: $426

Used Sedan

• Average auto loan rate: 11.34%
• Average auto loan total cost: $25,880
• Average auto loan monthly cost: $446

State Average for All Used Cars

• Average auto loan rate: 10.38%
• Average auto loan total cost: $25,748
• Average auto loan monthly cost: $436

Used SUV

• Average auto loan rate: 10.95%
• Average auto loan total cost: $25,826
• Average auto loan monthly cost: $442

Used Truck

• Average auto loan rate: 9.96%
• Average auto loan total cost: $25,690
• Average auto loan monthly cost: $432

Used Electric Vehicle

• Average auto loan rate: 7.34%
• Average auto loan total cost: $25,336
• Average auto loan monthly cost: $406

Used Sedan

• Average auto loan rate: 11.91%
• Average auto loan total cost: $25,960
• Average auto loan monthly cost: $451

State Average for All Used Cars

• Average auto loan rate: 10.88%
• Average auto loan total cost: $25,817
• Average auto loan monthly cost: $441

Used SUV

• Average auto loan rate: 11.77%
• Average auto loan total cost: $25,940
• Average auto loan monthly cost: $450

Used Truck

• Average auto loan rate: 11.10%
• Average auto loan total cost: $25,847
• Average auto loan monthly cost: $443

Used Electric Vehicle

• Average auto loan rate: 11.43%
• Average auto loan total cost: $25,893
• Average auto loan monthly cost: $446

Used Sedan

• Average auto loan rate: 12.80%
• Average auto loan total cost: $26,085
• Average auto loan monthly cost: $461

State Average for All Used Cars

• Average auto loan rate: 11.77%
• Average auto loan total cost: $25,940
• Average auto loan monthly cost: $450

Used SUV

• Average auto loan rate: 12.47%
• Average auto loan total cost: $26,038
• Average auto loan monthly cost: $457

Used Truck

• Average auto loan rate: 12.04%
• Average auto loan total cost: $25,978
• Average auto loan monthly cost: $453

Used Electric Vehicle

• Average auto loan rate: 12.36%
• Average auto loan total cost: $26,023
• Average auto loan monthly cost: $456

Used Sedan

• Average auto loan rate: 14.82%
• Average auto loan total cost: $26,372
• Average auto loan monthly cost: $482

State Average for All Used Cars

• Average auto loan rate: 13.00%
• Average auto loan total cost: $26,113
• Average auto loan monthly cost: $463

Used SUV

• Average auto loan rate: 9.69%
• Average auto loan total cost: $25,653
• Average auto loan monthly cost: $429

Used Truck

• Average auto loan rate: 9.55%
• Average auto loan total cost: $25,634
• Average auto loan monthly cost: $428

Used Electric Vehicle

• Average auto loan rate: 8.47%
• Average auto loan total cost: $25,488
• Average auto loan monthly cost: $417

Used Sedan

• Average auto loan rate: 10.67%
• Average auto loan total cost: $25,788
• Average auto loan monthly cost: $439

State Average for All Used Cars

• Average auto loan rate: 9.76%
• Average auto loan total cost: $25,663
• Average auto loan monthly cost: $430

Used SUV

• Average auto loan rate: 6.78%
• Average auto loan total cost: $25,262
• Average auto loan monthly cost: $400

Used Truck

• Average auto loan rate: 7.22%
• Average auto loan total cost: $25,320
• Average auto loan monthly cost: $405

Used Electric Vehicle

• Average auto loan rate: 4.94%
• Average auto loan total cost: $25,020
• Average auto loan monthly cost: $383

Used Sedan

• Average auto loan rate: 8.00%
• Average auto loan total cost: $25,424
• Average auto loan monthly cost: $412

State Average for All Used Cars

• Average auto loan rate: 7.10%
• Average auto loan total cost: $25,304
• Average auto loan monthly cost: $404

Used SUV

• Average auto loan rate: 9.78%
• Average auto loan total cost: $25,665
• Average auto loan monthly cost: $430

Used Truck

• Average auto loan rate: 9.55%
• Average auto loan total cost: $25,634
• Average auto loan monthly cost: $428

Used Electric Vehicle

• Average auto loan rate: 10.10%
• Average auto loan total cost: $25,709
• Average auto loan monthly cost: $433

Used Sedan

• Average auto loan rate: 10.99%
• Average auto loan total cost: $25,832
• Average auto loan monthly cost: $442

State Average for All Used Cars

• Average auto loan rate: 10.01%
• Average auto loan total cost: $25,697
• Average auto loan monthly cost: $432

Used SUV

• Average auto loan rate: 9.93%
• Average auto loan total cost: $25,686
• Average auto loan monthly cost: $431

Used Truck

• Average auto loan rate: 9.66%
• Average auto loan total cost: $25,649
• Average auto loan monthly cost: $429

Used Electric Vehicle

• Average auto loan rate: 7.79%
• Average auto loan total cost: $25,396
• Average auto loan monthly cost: $410

Used Sedan

• Average auto loan rate: 10.52%
• Average auto loan total cost: $25,767
• Average auto loan monthly cost: $437

State Average for All Used Cars

• Average auto loan rate: 9.93%
• Average auto loan total cost: $25,686
• Average auto loan monthly cost: $431

Used SUV

• Average auto loan rate: 11.00%
• Average auto loan total cost: $25,833
• Average auto loan monthly cost: $442

Used Truck

• Average auto loan rate: 10.50%
• Average auto loan total cost: $25,764
• Average auto loan monthly cost: $437

Used Electric Vehicle

• Average auto loan rate: 14.13%
• Average auto loan total cost: $26,273
• Average auto loan monthly cost: $474

Used Sedan

• Average auto loan rate: 12.16%
• Average auto loan total cost: $25,995
• Average auto loan monthly cost: $454

State Average for All Used Cars

• Average auto loan rate: 11.31%
• Average auto loan total cost: $25,876
• Average auto loan monthly cost: $445

Used SUV

• Average auto loan rate: 10.40%
• Average auto loan total cost: $25,750
• Average auto loan monthly cost: $436

Used Truck

• Average auto loan rate: 9.66%
• Average auto loan total cost: $25,649
• Average auto loan monthly cost: $429

Used Electric Vehicle

• Average auto loan rate: 10.67%
• Average auto loan total cost: $25,788
• Average auto loan monthly cost: $439

Used Sedan

• Average auto loan rate: 11.23%
• Average auto loan total cost: $25,865
• Average auto loan monthly cost: $444

State Average for All Used Cars

• Average auto loan rate: 10.47%
• Average auto loan total cost: $25,760
• Average auto loan monthly cost: $437

Used SUV

• Average auto loan rate: 11.07%
• Average auto loan total cost: $25,843
• Average auto loan monthly cost: $443

Used Truck

• Average auto loan rate: 10.80%
• Average auto loan total cost: $25,806
• Average auto loan monthly cost: $440

Used Electric Vehicle

• Average auto loan rate: 11.80%
• Average auto loan total cost: $25,944
• Average auto loan monthly cost: $450

Used Sedan

• Average auto loan rate: 12.97%
• Average auto loan total cost: $26,108
• Average auto loan monthly cost: $462

State Average for All Used Cars

• Average auto loan rate: 11.47%
• Average auto loan total cost: $25,898
• Average auto loan monthly cost: $447

Used SUV

• Average auto loan rate: 10.01%
• Average auto loan total cost: $25,697
• Average auto loan monthly cost: $432

Used Truck

• Average auto loan rate: 9.77%
• Average auto loan total cost: $25,664
• Average auto loan monthly cost: $430

Used Electric Vehicle

• Average auto loan rate: 9.00%
• Average auto loan total cost: $25,559
• Average auto loan monthly cost: $422

Used Sedan

• Average auto loan rate: 10.21%
• Average auto loan total cost: $25,724
• Average auto loan monthly cost: $434

State Average for All Used Cars

• Average auto loan rate: 10.01%
• Average auto loan total cost: $25,697
• Average auto loan monthly cost: $432

Used SUV

• Average auto loan rate: 11.67%
• Average auto loan total cost: $25,926
• Average auto loan monthly cost: $449

Used Truck

• Average auto loan rate: 11.51%
• Average auto loan total cost: $25,904
• Average auto loan monthly cost: $447

Used Electric Vehicle

• Average auto loan rate: 9.13%
• Average auto loan total cost: $25,577
• Average auto loan monthly cost: $423

Used Sedan

• Average auto loan rate: 14.12%
• Average auto loan total cost: $26,271
• Average auto loan monthly cost: $474

State Average for All Used Cars

• Average auto loan rate: 12.18%
• Average auto loan total cost: $25,997
• Average auto loan monthly cost: $454

Used SUV

• Average auto loan rate: 10.78%
• Average auto loan total cost: $25,803
• Average auto loan monthly cost: $440

Used Truck

• Average auto loan rate: 10.26%
• Average auto loan total cost: $25,731
• Average auto loan monthly cost: $435

Used Electric Vehicle

• Average auto loan rate: 9.94%
• Average auto loan total cost: $25,687
• Average auto loan monthly cost: $431

Used Sedan

• Average auto loan rate: 12.39%
• Average auto loan total cost: $26,027
• Average auto loan monthly cost: $456

State Average for All Used Cars

• Average auto loan rate: 11.11%
• Average auto loan total cost: $25,848
• Average auto loan monthly cost: $443

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates. Using Edmunds.com’s APR Car Loan Rates from August 2024, the auto loan rates were found for SUVs, trucks, electric cars, sedans and state averages for used and new cars for each state. The average total cost for an auto loan can be calculated by using the average used car and new car price as sourced from Kelly Blue Book, assuming a 20% down payment and using five years for the loan term. The monthly and total auto loan costs can both be calculated for all the states and car types. Using these filters the total cost for an auto loan can be calculated for each state and with different car types. All data was collected on and is up to date as of Sept. 5, 2024.