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FLORIDA - Florida ranks among the top five states with the lowest average auto loan debt in 2024, reflecting strong financial management amid rising national balances.
According to a recent report by WalletHub, Florida ranks as the fifth-best state in the nation when it comes to having the lowest average auto loan debt per household.
The study examined all 50 states by analyzing changes in loan balances and typical monthly payments to determine where debt levels are dropping most rapidly.
Florida’s strong placement suggests that many of its residents are effectively keeping their car loans in check, especially compared to those in states with higher average debt.
The report also outlines useful tips for consumers who want to reduce their auto loan debt more quickly.
Making additional payments toward the principal, refinancing for better loan terms, automating payments to avoid late fees, and maintaining a tight monthly budget are all recommended. Increasing income through side jobs or extra hours can also accelerate the payoff process.
As car prices stay high and financing remains a necessity for many, Florida’s ranking shows that disciplined financial habits can go a long way in minimizing long-term debt, even as national auto loan balances continue to climb.
Auto loans remain a major source of debt for millions of Americans, with the nation’s total auto loan balance approaching a staggering $1.7 trillion by the close of 2024.
The average household is now carrying roughly $13,800 in auto-related debt—just a few hundred dollars below the highest level ever recorded.