20 Cities Where Boomers Have the Most Car Loan Debt

An estimated 48% of baby boomers have auto loans, according to a recent LendingTree study on debt in America’s largest 100 metropolitan areas. For boomers who still owe money on their cars, the median balance is $19,526. In comparison, the median auto loan balance for other generations is $20,826 (millennials), $23,260 (Gen X) and $17,402 (Gen Z).

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While auto loan debt varies by city, residents of McAllen, Texas, owe the highest amount across all four generations. Interestingly, many of the major cities with the highest auto loan debt are in the Lone Star State.

These are the top 20 metropolitan areas where boomers owe the most on their auto loans (ranked lowest to highest).

Also see ways boomers become poor in retirement.

Oklahoma City

• Median balance: $21,679
• Percentage of boomers with auto debt: 55.1%

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Lakeland, Florida

• Median balance: $21,682
• Percentage of boomers with auto debt: 53.5%

Albuquerque, New Mexico

• Median balance: $21,923
• Percentage of boomers with auto debt: 50%

Las Vegas

• Median balance: $21,930
• Percentage of boomers with auto debt: 44.2%

Deltona, Florida

• Median balance: $22,088
• Percentage of boomers with auto debt: 53.1%

Cape Coral, Florida

• Median balance: $22,091
• Percentage of boomers with auto debt: 58.1%

Augusta, Georgia

• Median balance: $22,092
• Percentage of boomers with auto debt: 52.5%

Orlando, Florida

• Median balance: $22,405
• Percentage of boomers with auto debt: 50.5%

Baton Rouge, Louisiana

• Median balance: $22,644
• Percentage of boomers with auto debt: 50.4%

Houston

• Median balance: $22,777
• Percentage of boomers with auto debt: 44.9%

Bakersfield, California

• Median balance: $22,811
• Percentage of boomers with auto debt: 45.9%

Austin, Texas

• Median balance: $22,894
• Percentage of boomers with auto debt: 54.2%

Jacksonville, Florida

• Median balance: $22,898
• Percentage of boomers with auto debt: 49.9%

Dallas

• Median balance: $22,962
• Percentage of boomers with auto debt: 51.1%

Memphis, Tennessee

• Median balance: $23,554
• Percentage of boomers with auto debt: 46.1%

San Antonio, Texas

• Median balance: $23.941
• Percentage of boomers with auto debt: 53.9%

El Paso, Texas

• Median balance: $24,008
• Percentage of boomers with auto debt: 50.5%

Little Rock, Arkansas

• Median balance: $25,204
• Percentage of boomers with auto debt: 54.5%

Salt Lake City

• Median balance: $25,400
• Percentage of boomers with auto debt: 46.4%

McAllen, Texas

• Median balance: $27,973
• Percentage of boomers with auto debt: 62.2%

Ways To Manage Your Auto Loan

Baby boomers are those born between the years 1946 and 1964, meaning most are in their 60s or late 70s right now. While some individuals from this generation may still be working, the majority are now retired and — in many cases — living on fixed incomes.

Depending on individual circumstances, it might make sense to prioritize paying off any remaining debts — including car loans. Or it might make more sense to change the terms of your loan. Here are some options you might have:

• Consider refinancing. If it’s an option, you could refinance your loan to get a better interest rate. This may extend your loan term, but it can also get you a lower monthly payment. Even if the goal isn’t to pay off your debt, just having a smaller monthly payment can ease some financial stress.
• Look over your loan agreement. Check the fine print to see if there are any ways to reduce what you owe. For example, this could mean dropping the GAP insurance or extended warranty. If you decide to pay off your loan early, make sure there aren’t any hefty fees — like a prepayment penalty — for doing so.
• Reach out to your lender. If you’re experiencing financial hardship, contact your lender and let them know your situation. They might be willing to set up a different repayment plan with you based on your budget. In some cases, they might even put a temporary pause on your payments — though this isn’t a long-term measure.
• Look for community resources. Depending on where you live, your income, and household size, you might qualify for financial assistance through local or government programs. Check with your Department of Health and Human Services website for more information.

This article originally appeared on GOBankingRates.com : 20 Cities Where Boomers Have the Most Car Loan Debt