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

Most people have a budget they stick to when making a necessary large item purchase like a vehicle. But let’s face it, covering the entire cost of a new vehicle may be out of reach for most individuals. A car loan is one way to be able to afford that vehicle you know would be perfect for you and your family.

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GOBankingRates analyzed average auto loan rates for each U.S. state using data from Edmunds.com as of August 2024, focusing on SUVs, trucks, electric cars and sedans. The study also calculated the total cost of an auto loan based on Kelley Blue Book’s average car prices, assuming a 20% down payment and a five-year loan term. The data includes both monthly and total loan costs for new cars across all states.

Check out how much per month an auto loan for these 12 midwestern states would cost .

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1. Ohio

The total average cost for a new car loan in Ohio is $47,233, with an average monthly payment of $751. Here are the average costs for specific types of vehicles in the Buckeye State.

• New truck
  • Average total cost: $47,273
  • Average monthly payment: $754
• New SUV
  • Average total cost: $47,171
  • Average monthly payment: $747
• New electric car
  • Average total cost: $46,634
  • Average monthly payment: $708
• New sedan
  • Average total cost: $47,455
  • Average monthly payment: $767

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2. Michigan

The total average cost for a new car loan in Michigan is $47,137, equaling an average monthly payment of $744. The following are the average costs for specific types of vehicles.

• New truck
  • Average total cost: $47,137
  • Average monthly payment: $744
• New SUV
  • Average total cost: $47,124
  • Average monthly payment: $743
• New electric car
  • Average total cost: $46,363
  • Average monthly payment: $689
• New sedan
  • Average total cost: $47,216
  • Average monthly payment: $750

3. Indiana

The total cost of a new car loan for the state of Indiana is $47,188 with the average monthly payment being $748. Check out the costs of these types of vehicles for this midwestern state.

• New truck
  • Average total cost: $47,213
  • Average monthly payment: $750
• New SUV
  • Average total cost: $47,137
  • Average monthly payment: $744
• New electric car
  • Average total cost: $46,466
  • Average monthly payment: $696
• New sedan
  • Average total cost: $47,357
  • Average monthly payment: $760

4. Wisconsin

A new car loan in this state is $46,960 with the average monthly payment sitting at just $731.  Here are the average costs for specific types of vehicles in America’s dairyland state.

• New truck
  • Average total cost: $46,955
  • Average monthly payment: $731
• New SUV
  • Average total cost: $46,928
  • Average monthly payment: $729
• New electric car
  • Average total cost: $46,068
  • Average monthly payment: $668
• New sedan
  • Average total cost: $47,119
  • Average monthly payment: $743

5. Illinois

The total average cost for a new car loan in Illinois is $47,164, with an average monthly payment of $746. Here are the average costs for specific types of vehicles.

• New truck
  • Average total cost: $47,250
  • Average monthly payment: $752
• New SUV
  • Average total cost: $47,095
  • Average monthly payment: $741
• New electric car
  • Average total cost: $46,485
  • Average monthly payment: $697
• New sedan
  • Average total cost: $47,352
  • Average monthly payment: $760

6. Minnesota

In Minnesota the total average cost for a new car loan is $46,855, equaling an average monthly payment of $724. Check out the costs of the following types of vehicles.

• New truck
  • Average total cost: $47,092
  • Average monthly payment: $741
• New SUV
  • Average total cost: $46,750
  • Average monthly payment: $716
• New electric car
  • Average total cost: $46,245
  • Average monthly payment: $680
• New sedan
  • Average total cost: $46,989
  • Average monthly payment: $733

7. Iowa

A new car loan for this state is $47,144 with the average monthly payment being $745. Here are the average costs for specific types of vehicles in Iowa.

• New truck
  • Average total cost: $47,270
  • Average monthly payment: $754
• New SUV
  • Average total cost: $47,068
  • Average monthly payment: $739
• New electric car
  • Average total cost: $46,380
  • Average monthly payment: $690
• New sedan
  • Average total cost: $47,114
  • Average monthly payment: $742

8. Missouri

The total cost of a new car loan for the state of Missouri is $47,241 with the average monthly payment at $752. Check out the costs for these different types of vehicles.

• New truck
  • Average total cost: $47,320
  • Average monthly payment: $757
• New SUV
  • Average total cost: $47,159
  • Average monthly payment: $746
• New electric car
  • Average total cost: $46,316
  • Average monthly payment: $685
• New sedan
  • Average total cost: $47,377
  • Average monthly payment: $761

9. North Dakota

The total average cost for a new car loan in North Dakota is $47,080, equaling an average monthly payment of $740. The following are the average costs for these specific types of vehicles.

• New truck
  • Average total cost: $47,191
  • Average monthly payment: $748
• New SUV
  • Average total cost: $46,930
  • Average monthly payment: $729
• New electric car
  • Average total cost: $47,184
  • Average monthly payment: $747
• New sedan
  • Average total cost: $47,355
  • Average monthly payment: $760

10. South Dakota

In South Dakota the total average cost for a new car loan is $47,154, equaling an average monthly payment of $745. Here are the costs of the following types of vehicles in the Mount Rushmore state.

• New truck
  • Average total cost: $46,994
  • Average monthly payment: $734
• New SUV
  • Average total cost: $47,298
  • Average monthly payment: $756
• New electric car
  • Average total cost: $47,485
  • Average monthly payment: $769
• New sedan
  • Average total cost: $47,112
  • Average monthly payment: $742

11. Nebraska

Total average cost for a new car loan in Nebraska is $47,004, with an average monthly payment of $735. Check out the costs of the following types of vehicles.

• New truck
  • Average total cost: $47,270
  • Average monthly payment: $754
• New SUV
  • Average total cost: $46,859
  • Average monthly payment: $724
• New electric car
  • Average total cost: $45,725
  • Average monthly payment: $643
• New sedan
  • Average total cost: $47,107
  • Average monthly payment: $742

12. Kansas

A new car loan for this state is $47,216 with the average monthly payment being $750. Here are the average costs for specific types of vehicles in Kansas.

• New truck
  • Average total cost: $47,392
  • Average monthly payment: $763
• New SUV
  • Average total cost: $47,151
  • Average monthly payment: $745
• New electric car
  • Average total cost: $46,877
  • Average monthly payment: $725
• New sedan
  • Average total cost: $47,236
  • Average monthly payment: $751

_{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.}

This article originally appeared on GOBankingRates.com : How Much an Auto Loan for a New Car Will Cost in These 12 Midwestern States