In a recent study, it was found out that Washington favors most in the United States for states who spend the least on car loans.
Barry Austin Photography
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The financial experts at Wallet Hub have shown that citizens and residents of Washington State are some of the people who spend the least amount on car loans.
Of all states, Washington came in 10th place for states that spend the least on car loans from their average income.
They looked at the median auto loan debt as well as average income and that debt-to-income ratio.
As some states may be higher or lower in auto debt, how much the average person makes in each state will throw that percentage one way or another.
For instance, in Mississippi, which came in last place, the average loan was $21,635 which isn’t too terrible, but the average income of someone in Mississippi is $48,509 which is 45%.
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Washington’s average car loan debt was $19,590 with an average household income of $75,878 which is 26%. That’s a lot better.
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First place actually went to the other Washington in Washington DC where $17,711 was the average car loan while the average income if you live in Washington DC is $104,048 so that’s just 17%.
At 10th place, that’s better than most including our friends in Oregon and Idaho.
You can see the full report on Wallet Hub.