How Much an Auto Loan Will Cost You for a New Car in These 14 East Coast States
Are you in the market for a new car on the East Coast? Plan for steep vehicle prices and a costly auto loan.
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GOBankingRates recently performed a study on the average costs for an auto loan in 14 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.
Using August’s average APR car loan rates and assuming a five-year loan with a 20% down payment, we examined auto loan costs across four vehicle categories: SUVs, trucks, electric vehicles and sedans. Here are the average auto loan rates, total loan cost and monthly payment for a new car in each eastern seaboard state.
Connecticut
New SUV
Average auto loan rate: 5.56%
Average auto loan total cost: $46,894
Average auto loan monthly cost: $727
New Truck
Average auto loan rate: 6.38%
Average auto loan total cost: $47,095
Average auto loan monthly cost: $741
New Electric Vehicle:
Average auto loan rate: 6.13%
Average auto loan total cost: $47,033
Average auto loan monthly cost: $737
New Sedan:
Average auto loan rate: 7.03%
Average auto loan total cost: $47,255
Average auto loan monthly cost: $753
State Average for All New Cars:
Average auto loan rate: 5.94%
Average auto loan total cost: $46,987
Average auto loan monthly cost: $733
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Delaware
New SUV
Average auto loan rate: 6.75%
Average auto loan total cost: $47,186
Average auto loan monthly cost: $748
New Truck
Average auto loan rate: 6.80%
Average auto loan total cost: $47,198
Average auto loan monthly cost: $749
New Electric Vehicle:
Average auto loan rate: 2.84%
Average auto loan total cost: $46,240
Average auto loan monthly cost: $680
New Sedan:
Average auto loan rate: 7.56%
Average auto loan total cost: $47,387
Average auto loan monthly cost: $762
State Average for All New Cars:
Average auto loan rate: 6.87%
Average auto loan total cost: $47,216
Average auto loan monthly cost: $750
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Florida
New SUV
Average auto loan rate: 7.33%
Average auto loan total cost: $47,330
Average auto loan monthly cost: $758
New Truck
Average auto loan rate: 7.78%
Average auto loan total cost: $47,442
Average auto loan monthly cost: $766
New Electric Vehicle:
Average auto loan rate: 5.17%
Average auto loan total cost: $46,799
Average auto loan monthly cost: $720
New Sedan:
Average auto loan rate: 8.50%
Average auto loan total cost: $47,623
Average auto loan monthly cost: $779
State Average for All New Cars:
Average auto loan rate: 7.70%
Average auto loan total cost: $47,422
Average auto loan monthly cost: $765
Georgia
New SUV
Average auto loan rate: 7.43%
Average auto loan total cost: $47,355
Average auto loan monthly cost: $760
New Truck
Average auto loan rate: 7.51%
Average auto loan total cost: $47,375
Average auto loan monthly cost: $761
New Electric Vehicle:
Average auto loan rate: 5.33%
Average auto loan total cost: $46,838
Average auto loan monthly cost: $723
New Sedan:
Average auto loan rate: 10.30%
Average auto loan total cost: $48,081
Average auto loan monthly cost: $813
State Average for All New Cars:
Average auto loan rate: 8.21%
Average auto loan total cost: $47,550
Average auto loan monthly cost: $774
Maine
New SUV
Average auto loan rate: 6.05%
Average auto loan total cost: $47,014
Average auto loan monthly cost: $735
New Truck
Average auto loan rate: 6.53%
Average auto loan total cost: $47,132
Average auto loan monthly cost: $744
New Electric Vehicle:
Average auto loan rate: 3.45%
Average auto loan total cost: $46,385
Average auto loan monthly cost: $690
New Sedan:
Average auto loan rate: 6.75%
Average auto loan total cost: $47,186
Average auto loan monthly cost: $748
State Average for All New Cars:
Average auto loan rate: 6.32%
Average auto loan total cost: $47,080
Average auto loan monthly cost: $740
Maryland
New SUV
Average auto loan rate: 6.78%
Average auto loan total cost: $47,193
Average auto loan monthly cost: $748
New Truck
Average auto loan rate: 7.22%
Average auto loan total cost: $47,303
Average auto loan monthly cost: $756
New Electric Vehicle:
Average auto loan rate: 4.94%
Average auto loan total cost: $46,743
Average auto loan monthly cost: $716
New Sedan:
Average auto loan rate: 8.00%
Average auto loan total cost: $47,497
Average auto loan monthly cost: $770
State Average for All New Cars:
Average auto loan rate: 7.10%
Average auto loan total cost: $47,273
Average auto loan monthly cost: $754
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Massachusetts
New SUV
Average auto loan rate: 6.25%
Average auto loan total cost: $47,063
Average auto loan monthly cost: $739
New Truck
Average auto loan rate: 6.82%
Average auto loan total cost: $47,203
Average auto loan monthly cost: $749
New Electric Vehicle:
Average auto loan rate: 4.85%
Average auto loan total cost: $46,721
Average auto loan monthly cost: $714
New Sedan:
Average auto loan rate: 7.34%
Average auto loan total cost: $47,332
Average auto loan monthly cost: $758
State Average for All New Cars:
Average auto loan rate: 6.54%
Average auto loan total cost: $47,134
Average auto loan monthly cost: $744
New Hampshire
New SUV
Average auto loan rate: 5.80%
Average auto loan total cost: $46,952
Average auto loan monthly cost: $731
New Truck
Average auto loan rate: 6.92%
Average auto loan total cost: $47,228
Average auto loan monthly cost: $751
New Electric Vehicle:
Average auto loan rate: 1.78%
Average auto loan total cost: $45,991
Average auto loan monthly cost: $662
New Sedan:
Average auto loan rate: 6.97%
Average auto loan total cost: $47,241
Average auto loan monthly cost: $752
State Average for All New Cars:
Average auto loan rate: 6.17%
Average auto loan total cost: $47,043
Average auto loan monthly cost: $737
New Jersey
New SUV
Average auto loan rate: 6.17%
Average auto loan total cost: $47,043
Average auto loan monthly cost: $737
New Truck
Average auto loan rate: 6.78%
Average auto loan total cost: $47,193
Average auto loan monthly cost: $748
New Electric Vehicle:
Average auto loan rate: 4.23%
Average auto loan total cost: $46,571
Average auto loan monthly cost: $703
New Sedan:
Average auto loan rate: 6.88%
Average auto loan total cost: $47,218
Average auto loan monthly cost: $750
State Average for All New Cars:
Average auto loan rate: 6.45%
Average auto loan total cost: $47,112
Average auto loan monthly cost: $742
New York
New SUV
Average auto loan rate: 6.38%
Average auto loan total cost: $47,095
Average auto loan monthly cost: $741
New Truck
Average auto loan rate: 6.73%
Average auto loan total cost: $47,181
Average auto loan monthly cost: $747
New Electric Vehicle:
Average auto loan rate: 5.45%
Average auto loan total cost: $46,867
Average auto loan monthly cost: $725
New Sedan:
Average auto loan rate: 7.67%
Average auto loan total cost: $47,415
Average auto loan monthly cost: $764
State Average for All New Cars:
Average auto loan rate: 6.69%
Average auto loan total cost: $47,171
Average auto loan monthly cost: $747
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North Carolina
New SUV
Average auto loan rate: 6.60%
Average auto loan total cost: $47,149
Average auto loan monthly cost: $745
New Truck
Average auto loan rate: 7.26%
Average auto loan total cost: $47,313
Average auto loan monthly cost: $757
New Electric Vehicle:
Average auto loan rate: 5.11%
Average auto loan total cost: $46,784
Average auto loan monthly cost: $719
New Sedan:
Average auto loan rate: 8.19%
Average auto loan total cost: $47,545
Average auto loan monthly cost: $774
State Average for All New Cars:
Average auto loan rate: 7.04%
Average auto loan total cost: $47,258
Average auto loan monthly cost: $753
Rhode Island
New SUV
Average auto loan rate: 6.26%
Average auto loan total cost: $47,065
Average auto loan monthly cost: $739
New Truck
Average auto loan rate: 6.82%
Average auto loan total cost: $47,203
Average auto loan monthly cost: $749
New Electric Vehicle:
Average auto loan rate: 1.20%
Average auto loan total cost: $45,856
Average auto loan monthly cost: $653
New Sedan:
Average auto loan rate: 6.51%
Average auto loan total cost: $47,127
Average auto loan monthly cost: $743
State Average for All New Cars:
Average auto loan rate: 6.43%
Average auto loan total cost: $47,107
Average auto loan monthly cost: $742
South Carolina
New SUV
Average auto loan rate: 7.02%
Average auto loan total cost: $47,253
Average auto loan monthly cost: $752
New Truck
Average auto loan rate: 7.36%
Average auto loan total cost: $47,337
Average auto loan monthly cost: $759
New Electric Vehicle:
Average auto loan rate: 3.78%
Average auto loan total cost: $46,464
Average auto loan monthly cost: $696
New Sedan:
Average auto loan rate: 9.17%
Average auto loan total cost: $47,793
Average auto loan monthly cost: $792
State Average for All New Cars:
Average auto loan rate: 7.46%
Average auto loan total cost: $47,362
Average auto loan monthly cost: $760
Virginia
New SUV
Average auto loan rate: 6.22%
Average auto loan total cost: $47,055
Average auto loan monthly cost: $738
New Truck
Average auto loan rate: 7.05%
Average auto loan total cost: $47,260
Average auto loan monthly cost: $753
New Electric Vehicle:
Average auto loan rate: 4.16%
Average auto loan total cost: $46,555
Average auto loan monthly cost: $702
New Sedan:
Average auto loan rate: 7.55%
Average auto loan total cost: $47,385
Average auto loan monthly cost: $762
State Average for All New Cars:
Average auto loan rate: 6.61%
Average auto loan total cost: $47,151
Average auto loan monthly cost: $745
Methodology: For this study, GOBankingRates analyzed each 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 different car types. All data was collected on and is up to date as of Sept. 5, 2024.
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This article originally appeared on GOBankingRates.com: How Much an Auto Loan Will Cost You for a New Car in These 14 East Coast States