If you plan on buying a used car in the Midwest, you can expect to save some money compared to buying a new vehicle. And since new cars depreciate the most in the first years after leaving the lot, a used car won’t show swift declines in book value after purchase. You may also get many safety features and gadgets that newer cars offer for less money.
But how much does it cost to finance a used vehicle? GOBankingRates found out by surveying used car auto loans throughout Midwest states, including Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. We examined the average cost, loan rate and monthly payment for a used vehicle, assuming buyers made a 20% down payment for a five-year loan.
Here are the Midwest’s average used car loan costs for various vehicle classes, including SUVs, trucks, electric vehicles and sedans.
For comparison, take a look at the cost of an auto loan for a new vehicle in the Midwest next.
