How Much an Auto Loan Will Cost You for a Used Car in These 12 Midwestern States

If you plan on buying a used car in the Midwest, you can expect to save some money compared to buying a new vehicle. And since new cars depreciate the most in the first years after leaving the lot, a used car won’t show swift declines in book value after purchase. You may also get many safety features and gadgets that newer cars offer for less money.

But how much does it cost to finance a used vehicle? GOBankingRates found out by surveying used car auto loans throughout Midwest states, including Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. We examined the average cost, loan rate and monthly payment for a used vehicle, assuming buyers made a 20% down payment for a five-year loan.

Here are the Midwest’s average used car loan costs for various vehicle classes, including SUVs, trucks, electric vehicles and sedans.

For comparison, take a look at the cost of an auto loan for a new vehicle in the Midwest next.

Used SUV

• Average auto loan rate: 11.54%
• Average auto loan total cost: $25,908
• Average auto loan monthly cost: $448

Used Truck

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

Used Electric Vehicle

• Average auto loan rate: 9.74%
• Average auto loan total cost: $25,660
• Average auto loan monthly cost: $429

Used Sedan

• Average auto loan rate: 12.34%
• Average auto loan total cost: $26,020
• Average auto loan monthly cost: $456

State Average for All Used Cars

• Average auto loan rate: 11.57%
• Average auto loan total cost: $25,912
• Average auto loan monthly cost: $448

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: 10.60%
• Average auto loan total cost: $25,778
• Average auto loan monthly cost: $438

Used Electric Vehicle

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

Used Sedan

• Average auto loan rate: 12.44%
• Average auto loan total cost: $26,034
• Average auto loan monthly cost: $457

State Average for All Used Cars

• Average auto loan rate: 11.13%
• Average auto loan total cost: $25,851
• Average auto loan monthly cost: $443

Used SUV

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

Used Truck

• Average auto loan rate: 9.83%
• Average auto loan total cost: $25,672
• Average auto loan monthly cost: $430

Used Electric Vehicle

• Average auto loan rate: 7.13%
• Average auto loan total cost: $25,308
• Average auto loan monthly cost: $404

Used Sedan

• Average auto loan rate: 10.97%
• Average auto loan total cost: $25,829
• Average auto loan monthly cost: $442

State Average for All Used Cars

• Average auto loan rate: 10.49%
• Average auto loan total cost: $25,763
• Average auto loan monthly cost: $437

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: 9.84%
• Average auto loan total cost: $25,674
• Average auto loan monthly cost: $430

Used Electric Vehicle

• Average auto loan rate: 11.22%
• Average auto loan total cost: $25,864
• Average auto loan monthly cost: $444

Used Sedan

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

State Average for All Used Cars

• Average auto loan rate: 10.77%
• Average auto loan total cost: $25,801
• Average auto loan monthly cost: $440

Used SUV

• Average auto loan rate: 10.58%
• Average auto loan total cost: $25,775
• Average auto loan monthly cost: $438

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: 10.05%
• Average auto loan total cost: $25,702
• Average auto loan monthly cost: $432

Used Sedan

• Average auto loan rate: 11.98%
• Average auto loan total cost: $25,970
• Average auto loan monthly cost: $452

State Average for All Used Cars

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

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: 9.74%
• Average auto loan total cost: $25,660
• Average auto loan monthly cost: $429

Used Electric Vehicle

• Average auto loan rate: 7.82%
• Average auto loan total cost: $25,400
• Average auto loan monthly cost: $411

Used Sedan

• Average auto loan rate: 11.37%
• Average auto loan total cost: $25,885
• Average auto loan monthly cost: $446

State Average for All Used Cars

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

Used SUV

• Average auto loan rate: 11.54%
• Average auto loan total cost: $25,908
• Average auto loan monthly cost: $448

Used Truck

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

Used Electric Vehicle

• Average auto loan rate: 12.17%
• Average auto loan total cost: $25,996
• Average auto loan monthly cost: $454

Used Sedan

• Average auto loan rate: 12.19%
• Average auto loan total cost: $25,999
• Average auto loan monthly cost: $454

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: 9.73%
• Average auto loan total cost: $25,659
• Average auto loan monthly cost: $429

Used Truck

• Average auto loan rate: 10.03%
• Average auto loan total cost: $25,700
• Average auto loan monthly cost: $432

Used Electric Vehicle

• Average auto loan rate: 8.42%
• Average auto loan total cost: $25,481
• Average auto loan monthly cost: $416

Used Sedan

• Average auto loan rate: 10.28%
• Average auto loan total cost: $25,734
• Average auto loan monthly cost: $435

State Average for All Used Cars

• Average auto loan rate: 9.97%
• Average auto loan total cost: $25,691
• Average auto loan monthly cost: $432

Used SUV

• Average auto loan rate: 12.24%
• Average auto loan total cost: $26,006
• Average auto loan monthly cost: $455

Used Truck

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

Used Electric Vehicle

• Average auto loan rate: 29.99%
• Average auto loan total cost: $28,678
• Average auto loan monthly cost: $658

Used Sedan

• Average auto loan rate: 13.62%
• Average auto loan total cost: $26,200
• Average auto loan monthly cost: $469

State Average for All Used Cars

• Average auto loan rate: 12.17%
• Average auto loan total cost: $25,996
• Average auto loan monthly cost: $454

Used SUV

• Average auto loan rate: 11.85%
• Average auto loan total cost: $25,951
• Average auto loan monthly cost: $451

Used Truck

• Average auto loan rate: 10.73%
• Average auto loan total cost: $25,796
• Average auto loan monthly cost: $439

Used Electric Vehicle

• Average auto loan rate: 10.05%
• Average auto loan total cost: $25,702
• Average auto loan monthly cost: $432

Used Sedan

• Average auto loan rate: 12.70%
• Average auto loan total cost: $26,070
• Average auto loan monthly cost: $459

State Average for All Used Cars

• Average auto loan rate: 11.85%
• Average auto loan total cost: $25,951
• Average auto loan monthly cost: $451

Used SUV

• Average auto loan rate: 10.81%
• Average auto loan total cost: $25,807
• Average auto loan monthly cost: $440

Used Truck

• Average auto loan rate: 10.05%
• Average auto loan total cost: $25,702
• Average auto loan monthly cost: $432

Used Electric Vehicle

• Average auto loan rate: No data available
• Average auto loan total cost: $24,398
• Average auto loan monthly cost: $339

Used Sedan

• Average auto loan rate: 12.22%
• Average auto loan total cost: $26,003
• Average auto loan monthly cost: $455

State Average for All Used Cars

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

Used SUV

• Average auto loan rate: 9.83%
• Average auto loan total cost: $25,672
• Average auto loan monthly cost: $430

Used Truck

• Average auto loan rate: 9.10%
• Average auto loan total cost: $25,573
• Average auto loan monthly cost: $423

Used Electric Vehicle

• Average auto loan rate: 13.18%
• Average auto loan total cost: $26,138
• Average auto loan monthly cost: $464

Used Sedan

• Average auto loan rate: 10.94%
• Average auto loan total cost: $25,825
• Average auto loan monthly cost: $441

State Average for All Used Cars

• Average auto loan rate: 9.90%
• Average auto loan total cost: $25,682
• Average auto loan monthly cost: $431

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates. Using Edmunds’ 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 Kelley 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.