National News

States Spending Least On Car Loans

Creative collage showcasing finance themes with car, cash, and coins under a glass dome.

NATIONWIDE, (WOWO) — The average auto loan debt in the US is as high as 44 percent of the median income in some states, but buyers in Indiana and Ohio are not among those overspending according to a new study.

Wallethub recently released a report on states where people overspend the most on car loans, showing where most buyers are struggling.

Mississippi topped the list with 44.42 percent, the highest percentage of income spent on car loans.

The District of Columbia was on the other end at 17.8 percent. Indiana was in the middle of the pack at 25th, around 32 percent of income spent.

Ohio is near the bottom, at slightly under 29 percent…good enough for 33rd place.

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