How Much an Auto Loan Will Cost You for a New Car in These 14 East Coast States – Yahoo Finance

Are you in the market for a new car on the East Coast? Plan for steep vehicle prices and a costly auto loan.

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GOBankingRates recently performed a study on the average costs for an auto loan in 14 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.

Using August’s average APR car loan rates and assuming a five-year loan with a 20% down payment, we examined auto loan costs across four vehicle categories: SUVs, trucks, electric vehicles and sedans. Here are the average auto loan rates, total loan cost and monthly payment for a new car in each eastern seaboard state.

Connecticut

New SUV

• Average auto loan rate: 5.56%

• Average auto loan total cost: $46,894

• Average auto loan monthly cost: $727

New Truck

• Average auto loan rate: 6.38%

• Average auto loan total cost: $47,095

• Average auto loan monthly cost: $741

New Electric Vehicle:

• Average auto loan rate: 6.13%

• Average auto loan total cost: $47,033

• Average auto loan monthly cost: $737

New Sedan:

• Average auto loan rate: 7.03%

• Average auto loan total cost: $47,255

• Average auto loan monthly cost: $753

State Average for All New Cars:

• Average auto loan rate: 5.94%

• Average auto loan total cost: $46,987

• Average auto loan monthly cost: $733

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Delaware

New SUV

• Average auto loan rate: 6.75%

• Average auto loan total cost: $47,186

• Average auto loan monthly cost: $748

New Truck

• Average auto loan rate: 6.80%

• Average auto loan total cost: $47,198

• Average auto loan monthly cost: $749

New Electric Vehicle:

• Average auto loan rate: 2.84%

• Average auto loan total cost: $46,240

• Average auto loan monthly cost: $680

New Sedan:

• Average auto loan rate: 7.56%

• Average auto loan total cost: $47,387

• Average auto loan monthly cost: $762

State Average for All New Cars:

• Average auto loan rate: 6.87%

• Average auto loan total cost: $47,216

• Average auto loan monthly cost: $750

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Florida

New SUV

• Average auto loan rate: 7.33%

• Average auto loan total cost: $47,330

• Average auto loan monthly cost: $758

New Truck

• Average auto loan rate: 7.78%

• Average auto loan total cost: $47,442

• Average auto loan monthly cost: $766

New Electric Vehicle:

• Average auto loan rate: 5.17%

• Average auto loan total cost: $46,799

• Average auto loan monthly cost: $720

Story continues

New Sedan:

• Average auto loan rate: 8.50%

• Average auto loan total cost: $47,623

• Average auto loan monthly cost: $779

State Average for All New Cars:

• Average auto loan rate: 7.70%

• Average auto loan total cost: $47,422

• Average auto loan monthly cost: $765

Georgia

New SUV

• Average auto loan rate: 7.43%

• Average auto loan total cost: $47,355

• Average auto loan monthly cost: $760

New Truck

• Average auto loan rate: 7.51%

• Average auto loan total cost: $47,375

• Average auto loan monthly cost: $761

New Electric Vehicle:

• Average auto loan rate: 5.33%

• Average auto loan total cost: $46,838

• Average auto loan monthly cost: $723

New Sedan:

• Average auto loan rate: 10.30%

• Average auto loan total cost: $48,081

• Average auto loan monthly cost: $813

State Average for All New Cars:

• Average auto loan rate: 8.21%

• Average auto loan total cost: $47,550

• Average auto loan monthly cost: $774

Maine

New SUV

• Average auto loan rate: 6.05%

• Average auto loan total cost: $47,014

• Average auto loan monthly cost: $735

New Truck

• Average auto loan rate: 6.53%

• Average auto loan total cost: $47,132

• Average auto loan monthly cost: $744

New Electric Vehicle:

• Average auto loan rate: 3.45%

• Average auto loan total cost: $46,385

• Average auto loan monthly cost: $690

New Sedan:

• Average auto loan rate: 6.75%

• Average auto loan total cost: $47,186

• Average auto loan monthly cost: $748

State Average for All New Cars:

• Average auto loan rate: 6.32%

• Average auto loan total cost: $47,080

• Average auto loan monthly cost: $740

Maryland

New SUV

• Average auto loan rate: 6.78%

• Average auto loan total cost: $47,193

• Average auto loan monthly cost: $748

New Truck

• Average auto loan rate: 7.22%

• Average auto loan total cost: $47,303

• Average auto loan monthly cost: $756

New Electric Vehicle:

• Average auto loan rate: 4.94%

• Average auto loan total cost: $46,743

• Average auto loan monthly cost: $716

New Sedan:

• Average auto loan rate: 8.00%

• Average auto loan total cost: $47,497

• Average auto loan monthly cost: $770

State Average for All New Cars:

• Average auto loan rate: 7.10%

• Average auto loan total cost: $47,273

• Average auto loan monthly cost: $754

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Massachusetts

New SUV

• Average auto loan rate: 6.25%

• Average auto loan total cost: $47,063

• Average auto loan monthly cost: $739

New Truck

• Average auto loan rate: 6.82%

• Average auto loan total cost: $47,203

• Average auto loan monthly cost: $749

New Electric Vehicle:

• Average auto loan rate: 4.85%

• Average auto loan total cost: $46,721

• Average auto loan monthly cost: $714

New Sedan:

• Average auto loan rate: 7.34%

• Average auto loan total cost: $47,332

• Average auto loan monthly cost: $758

State Average for All New Cars:

• Average auto loan rate: 6.54%

• Average auto loan total cost: $47,134

• Average auto loan monthly cost: $744

New Hampshire

New SUV

• Average auto loan rate: 5.80%

• Average auto loan total cost: $46,952

• Average auto loan monthly cost: $731

New Truck

• Average auto loan rate: 6.92%

• Average auto loan total cost: $47,228

• Average auto loan monthly cost: $751

New Electric Vehicle:

• Average auto loan rate: 1.78%

• Average auto loan total cost: $45,991

• Average auto loan monthly cost: $662

New Sedan:

• Average auto loan rate: 6.97%

• Average auto loan total cost: $47,241

• Average auto loan monthly cost: $752

State Average for All New Cars:

• Average auto loan rate: 6.17%

• Average auto loan total cost: $47,043

• Average auto loan monthly cost: $737

New Jersey

New SUV

• Average auto loan rate: 6.17%

• Average auto loan total cost: $47,043

• Average auto loan monthly cost: $737

New Truck

• Average auto loan rate: 6.78%

• Average auto loan total cost: $47,193

• Average auto loan monthly cost: $748

New Electric Vehicle:

• Average auto loan rate: 4.23%

• Average auto loan total cost: $46,571

• Average auto loan monthly cost: $703

New Sedan:

• Average auto loan rate: 6.88%

• Average auto loan total cost: $47,218

• Average auto loan monthly cost: $750

State Average for All New Cars:

• Average auto loan rate: 6.45%

• Average auto loan total cost: $47,112

• Average auto loan monthly cost: $742

New York

New SUV

• Average auto loan rate: 6.38%

• Average auto loan total cost: $47,095

• Average auto loan monthly cost: $741

New Truck

• Average auto loan rate: 6.73%

• Average auto loan total cost: $47,181

• Average auto loan monthly cost: $747

New Electric Vehicle:

• Average auto loan rate: 5.45%

• Average auto loan total cost: $46,867

• Average auto loan monthly cost: $725

New Sedan:

• Average auto loan rate: 7.67%

• Average auto loan total cost: $47,415

• Average auto loan monthly cost: $764

State Average for All New Cars:

• Average auto loan rate: 6.69%

• Average auto loan total cost: $47,171

• Average auto loan monthly cost: $747

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North Carolina

New SUV

• Average auto loan rate: 6.60%

• Average auto loan total cost: $47,149

• Average auto loan monthly cost: $745

New Truck

• Average auto loan rate: 7.26%

• Average auto loan total cost: $47,313

• Average auto loan monthly cost: $757

New Electric Vehicle:

• Average auto loan rate: 5.11%

• Average auto loan total cost: $46,784

• Average auto loan monthly cost: $719

New Sedan:

• Average auto loan rate: 8.19%

• Average auto loan total cost: $47,545

• Average auto loan monthly cost: $774

State Average for All New Cars:

• Average auto loan rate: 7.04%

• Average auto loan total cost: $47,258

• Average auto loan monthly cost: $753

Rhode Island

New SUV

• Average auto loan rate: 6.26%

• Average auto loan total cost: $47,065

• Average auto loan monthly cost: $739

New Truck

• Average auto loan rate: 6.82%

• Average auto loan total cost: $47,203

• Average auto loan monthly cost: $749

New Electric Vehicle:

• Average auto loan rate: 1.20%

• Average auto loan total cost: $45,856

• Average auto loan monthly cost: $653

New Sedan:

• Average auto loan rate: 6.51%

• Average auto loan total cost: $47,127

• Average auto loan monthly cost: $743

State Average for All New Cars:

• Average auto loan rate: 6.43%

• Average auto loan total cost: $47,107

• Average auto loan monthly cost: $742

South Carolina

New SUV

• Average auto loan rate: 7.02%

• Average auto loan total cost: $47,253

• Average auto loan monthly cost: $752

New Truck

• Average auto loan rate: 7.36%

• Average auto loan total cost: $47,337

• Average auto loan monthly cost: $759

New Electric Vehicle:

• Average auto loan rate: 3.78%

• Average auto loan total cost: $46,464

• Average auto loan monthly cost: $696

New Sedan:

• Average auto loan rate: 9.17%

• Average auto loan total cost: $47,793

• Average auto loan monthly cost: $792

State Average for All New Cars:

• Average auto loan rate: 7.46%

• Average auto loan total cost: $47,362

• Average auto loan monthly cost: $760

Virginia

New SUV

• Average auto loan rate: 6.22%

• Average auto loan total cost: $47,055

• Average auto loan monthly cost: $738

New Truck

• Average auto loan rate: 7.05%

• Average auto loan total cost: $47,260

• Average auto loan monthly cost: $753

New Electric Vehicle:

• Average auto loan rate: 4.16%

• Average auto loan total cost: $46,555

• Average auto loan monthly cost: $702

New Sedan:

• Average auto loan rate: 7.55%

• Average auto loan total cost: $47,385

• Average auto loan monthly cost: $762

State Average for All New Cars:

• Average auto loan rate: 6.61%

• Average auto loan total cost: $47,151

• Average auto loan monthly cost: $745

Methodology: For this study, GOBankingRates analyzed each state to find the average auto loan rates. Using Edmunds’ 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 Kelley 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 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 New Car in These 14 East Coast States