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.
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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.
Connecticut
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
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Delaware
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
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Florida
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
Georgia
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
Maine
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
Maryland
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
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Massachusetts
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
New Hampshire
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
New Jersey
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
New York
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
North Carolina
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
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Rhode Island
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
South Carolina
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
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Virginia
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.
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This article originally appeared on GOBankingRates.com: How Much an Auto Loan Will Cost You for a Used Car in These 14 East Coast States