Great News: Wyoming Ranks 1st Among the States Where Auto Loan Debt is Decreasing the Most

Are you in the market for a new or new to you vehicle? If you are, you may want to check this out first.

According to a new study from personal finance website, WalletHub, Wyoming is ranked #1 for "States Where Auto Loan Debt Is Decreasing the Most".

The WalletHub study states:

Millions of Americans depend on auto loans to finance their vehicles, contributing to a total auto loan debt of nearly $1.7 trillion. As of Q4 2024, the average household carries nearly $13,800 in auto loan debt, just a few hundred dollars shy of the all-time high.

The good news is, that pace tends to vary throughout the country.

Theses are the top five states where auto loans are decreasing the most:

1. Wyoming
2. Alaska
3. Montana
4. California
5. Florida

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Check out some of the key metrics and where Wyoming scored against the rest of the country:

• Change in Auto Loan Debt Q4 2024 vs Q3 2024 Rank - 1st
• Average Auto Loan Balance Q4 2024 & Monthly Payment Q4 2024 Rank - 7th
• Average Auto Loan Amount - $21,090
• Average Monthly Auto Loan Payment - $551

The study went on to show that Wyoming's average auto loan balance decreased by 3.56% in the last year.

Now on to the bad news. Unfortunately, Wyoming residents are paying the 5th-highest monthly auto loan amount.

The flipside to that coin though is having a car in the Cowboy State is generally cheaper than in most other states, as we ranked 13th-best when it comes to the cost of car ownership and maintenance.

It's also worth noting, that Wyoming is also accumulating other debt at a slow pace. We also have the lowest credit card debt increase in the nation.

Overall, that should make you feel a lot better about where you live.