How Much an Auto Loan Will Cost You for a New Car in These 4 Southern States

Joel Lim

With the cost of cars increasing due to inflation, a shortage of supply, and rising adoption of hybrids and EVs, it is vital to know the price of an auto loan.

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For those in the Southern states seeking credit financing to purchase a new vehicle, the following things can influence the total cost: down payment, loan duration, and car type, which also determine the total amount borrowed for financing. Let’s consider the average price of auto loans in several important Southern states.

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Alabama

In Alabama, the total and average cost of an auto loan for new cars is $47,427, while the monthly payment is $765 on average. A detailed look at the cost indicates that it will cost a truck enthusiast approximately $47,310 to obtain a new truck model, and the monthly installments are roughly $757. The price is still relatively comparable for SUVs. The total loan amount is $47,283, and the monthly amount is $755.

However, there are moderate variations depending on the state. Electric car drivers in Alabama will pay $46,139 in total and $673 in monthly installments. Sedans are slightly more expensive, at $47,915, with monthly payments as high as $801.

Arkansas

Arkansans taking out auto loans to purchase a new car also spend an almost equivalent amount, with the total average cost of the loans amounting to $47,387 and $762 a month on average. The information about this type of loan if you plan to purchase a truck is that the total cost is $47,362, and the monthly payment is $760. For SUVs, one can anticipate paying approximately $47,273 to purchase the car and a monthly installment of $754.

If electric cars are more to your liking, you will pay roughly $46,721 for a new electric vehicle in Arkansas, while the monthly payments will be $714. Sedans are still a bit pricey: they start from $47,765 and will set you back $790 monthly.

Florida

Florida has an average car finance cost of $47,222 and an average monthly payment of $765. For those interested in trucks, the price is raised to $47,442, with a $766 monthly fee. Another favorite in Florida is SUVs, which cost approximately $47,330 to keep and have monthly payments of $758.

If you’re considering an electric vehicle, the cost is lower than traditional cars: $46,799 or $720 per month. Sedans, however, cost more: $47,623, and the monthly payment is $779.

Mississippi

In Mississippi, the current average Auto Loan for new cars is $47,415, and the monthly payment is $764. Customers in the market for a truck will pay approximately $47,238 for the vehicle financing, while monthly payments will be $751. These vehicles will be bought after taking a loan in Mississippi, with a loan price of $47305 and a monthly payment of $756.

For people wanting to own electric vehicles, the total loan cost of $45,919 with a $657 monthly payment makes it one of the lowest among the states. Sedans precede it with a purchase price of $47,866 and a monthly pay of $797.

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