Our cars are costing us a lot more. Florida is one of 10 states falling deeper into debt over car loans according to a new study by WalletHub. The state has seen about a quarter of a percent increase in debt for auto loans since earlier this year.
WATCH BELOW:
Floridians are riding deeper into debt due to this loan
Wallethub found Floridians are close to owing about $23,000 on their auto loan with monthly payments closer to $564.
By comparison, Wallethub found the average household in the U.S. owes about $13,800 on their auto loan.
Consumer experts suggest the following tips to pay off your car loan debt:
- Accelerate your payments: Paying more than the minimum amount each month reduces the principal faster, ultimately saving you money on interest and shortening the overall repayment period.
- Refinance for better terms: It can potentially reduce your monthly payments or enable you to pay off the loan more quickly.
- Set up automatic payments: Some auto lenders may even give you a discount for setting up autopay.
See full study here.
