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How Much an Auto Loan Will Cost You for a Used Car in These 15 Southern States



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If you are in the market for a used car or rather a new-to-you car, then it’s not just the sticker price you have to factor into your budget. There are financial factors such as insurance, maintenance, interest rates and other upkeep you have to consider before pulling that purchase trigger. This is all part of the cost of doing auto business or rather the cost of financing through an auto loan.Â
The interest rates and total cost of your loan can vary depending on where you live, your credit score and the lender’s terms. In the Southern United States, where driving is pretty much essential for everyday life, understanding how much a used car loan might cost is crucial for making a financially sound decision. This guide will give you a clearer picture of how much an auto loan might cost in each state and how you can prepare for the financial commitment of buying a used vehicle.
Auto loan costs for used cars in Southern states tend to have average or slightly higher interest rates than the national average, but regional banks and credit unions may provide better terms than larger, national lenders. GOBankingRates recently conducted a study to determine the average cost for new and used cars in every state, but here you can find a comprehensive outline of what exactly you can expect from an auto loan for a used car if you live in a Southern state.
Alabama
- State average total cost for an auto loan for a used car: $26,069
- Average monthly payment for a used truck: $444
- Average monthly payment for a used SUV: $457
- Average monthly payment for a used electric vehicle: $407
- Average monthly payment for a used sedan: $479
Arkansas
- State average total cost for an auto loan for a used car: $25,971
- Average monthly payment for a used truck: $444
- Average monthly payment for a used SUV: $450
- Average monthly payment for a used electric vehicle: $440
- Average monthly payment for a used sedan: $468
Florida
- State average total cost for an auto loan for a used car: $25,940
- Average monthly payment for a used truck: $443
- Average monthly payment for a used SUV: $450
- Average monthly payment for a used electric vehicle: $446
- Average monthly payment for a used sedan: $461
Georgia
- State average total cost for an auto loan for a used car: $26,113
- Average monthly payment for a used truck: $453
- Average monthly payment for a used SUV: $457
- Average monthly payment for a used electric vehicle: $456
- Average monthly payment for a used sedan: $482
Kentucky
- State average total cost for an auto loan for a used car: $25,990
- Average monthly payment for a used truck: $444
- Average monthly payment for a used SUV: $452
- Average monthly payment for a used electric vehicle: $421
- Average monthly payment for a used sedan: $467
Louisiana
- State average total cost for an auto loan for a used car: $26,049
- Average monthly payment for a used truck: $441
- Average monthly payment for a used SUV: $457
- Average monthly payment for a used electric vehicle: $479
- Average monthly payment for a used sedan: $476
Mississippi
- State average total cost for an auto loan for a used car: $26,169
- Average monthly payment for a used truck: $455
- Average monthly payment for a used SUV: $462
- Average monthly payment for a used electric vehicle: $440
- Average monthly payment for a used sedan: $484
Missouri
- State average total cost for an auto loan for a used car: $25,898
- Average monthly payment for a used truck: $437
- Average monthly payment for a used SUV: $448
- Average monthly payment for a used electric vehicle: $454
- Average monthly payment for a used sedan: $454
North Carolina
- State average total cost for an auto loan for a used car: $25,898
- Average monthly payment for a used truck: $440
- Average monthly payment for a used SUV: $443
- Average monthly payment for a used electric vehicle: $450
- Average monthly payment for a used sedan: $462
Oklahoma
- State average total cost for an auto loan for a used car: $25,894
- Average monthly payment for a used truck: $440
- Average monthly payment for a used SUV: $446
- Average monthly payment for a used electric vehicle: $415
- Average monthly payment for a used sedan: $460
South Carolina
- State average total cost for an auto loan for a used car: $25,997
- Average monthly payment for a used truck: $447
- Average monthly payment for a used SUV: $449
- Average monthly payment for a used electric vehicle: $423
- Average monthly payment for a used sedan: $474
Tennessee
- State average total cost for an auto loan for a used car: $25,880
- Average monthly payment for a used truck: $436
- Average monthly payment for a used SUV: $445
- Average monthly payment for a used electric vehicle: $423
- Average monthly payment for a used sedan: $459
Texas
- State average total cost for an auto loan for a used car: $26,000
- Average monthly payment for a used truck: $451
- Average monthly payment for a used SUV: $452
- Average monthly payment for a used electric vehicle: $438
- Average monthly payment for a used sedan: $464
Virginia
- State average total cost for an auto loan for a used car: $25,848
- Average monthly payment for a used truck: $435
- Average monthly payment for a used SUV: $440
- Average monthly payment for a used electric vehicle: $431
- Average monthly payment for a used sedan: $456
West Virginia
- State average total cost for an auto loan for a used car: $26,055
- Average monthly payment for a used truck: $449
- Average monthly payment for a used SUV: $458
- Average monthly payment for a used electric vehicle: $416
- Average monthly payment for a used sedan: $470
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 and sedans, and state averages for used and new cars for each state. The average total cost for an auto loan can be calculated using the average used car and new car price sourced from Kelley Blue Book, assuming a 20% downpayment, 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.
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