The car buying experience can best be described as a conundrum and how to finance the car is just one of the many questions to ask when looking to purchase a vehicle.
Lemon Law Experts conducted 2 analyses using data from The Federal Reserve Bank of New York , The U.S. Census Bureau: American Community Survey & the Bureau of Economic Analysis to determine which states are purchasing more car than they can truly afford.
Key Findings:
Louisiana, Florida, and Texas have the highest auto loan balances relative to income.
Texas, Florida, and Louisiana hold the largest average loan balances per vehicle.
The national average outstanding loan balance per vehicle is $6,671.
Texas, California, and Florida account for 31.46% of total U.S. vehicle loan balances, averaging $167 billion each.
Please take a look at the full report
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