jetcityimage / Getty Images 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 .
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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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BrianEKushner / Getty Images/iStockphoto 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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felixmizioznikov / Getty Images 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 Jacob Boomsma / Getty Images/iStockphoto 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 apelletr / Getty Images/iStockphoto 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 Kruck20 / Getty Images/iStockphoto 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 For You: 5 Affordable Car Brands That Will Last Over 10 Years With Proper Maintenance
DenisTangneyJr / Getty Images 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 DenisTangneyJr / iStock.com 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 DenisTangneyJr / Getty Images/iStockphoto 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 Benjamin Vilge / Getty Images/iStockphoto 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 Davel5957 / iStock.com 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 Discover More: 9 Best and Affordable Cars for High-Mileage Adventures
DenisTangneyJr / Getty Images/iStockphoto 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 skiserge1 / Getty Images/iStockphoto 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 Find Out: 4 Cars That Cost More Used Than New
DenisTangneyJr / Getty Images 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.
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
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