Nashville-Davidson, Tennessee 2022-06-30 12:53:20 –
Due to supply chain issues leading up to record car prices during a pandemic, car buyers are lending more to buy the cars they need in their daily lives.
Since 2003, the national average car loan balance per capita has increased from $ 2,960 to $ 5,210, an increase of approximately 76%. Some consumers find this difficult to manage. In the fourth quarter of 2021, 4% of all domestic car debt balances were overdue for more than 90 days.
Sound dollar Summarize the statistics from the Federal Reserve Bank of New York’s State-Level Household Debt Statistics 2003-2021 report to see which states have the highest car debt balances. The report was released in February 2022 and contains 2021 data. The data in the report is from the New York Federal Consumer Credit Panel and Equifax. If multiple states have the same balance, they will be tied for the same rank.
Keep reading or check the national list to see the status of your mortgage balance in your state here..
Tennessee by numbers
– Average car debt per capita: $ 5,230
– Total debt per capita: $ 46,900
The worst situation in question helped create today’s situation. As for new cars, the first blockade in 2020 stopped production for nearly three months, reducing the supply of new cars to reach sales lots. The situation was exacerbated in 2021 as manufacturers were unable to obtain the parts needed to build new cars due to a shortage of microchips. Just as consumers started spending again, car supply stagnated and prices rose as demand increased.
When consumers couldn’t get a new car, they turned to the used car market. Prices soared as supply couldn’t keep up with demand, rising 42% since the pandemic began. Average $ 28,205..
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Car buyers have large loans to raise money for their purchases, but payments are also lengthy.The most common car loan term was 60 months, but now borrowers Loan period of 72 months and even 84 months.. This contributes to an increase in the car’s debt balance, sacrificing more consumers by paying interest during the loan period and spending less money elsewhere.
Read below to see which states have the highest mortgage balances.
The state with the highest mortgage balance
# 1.Texas: Average Car Debt Per Person $ 7,270
# 2.Louisiana: Average Car Debt Per Person $ 6,510
# 3.Georgia: Average car debt per capita is $ 6,080
#Four.Arkansas: Average Car Debt Per Person $ 5,990
#Five.Florida: Average $ 5,980 Car Debt Per Permanent
This story originally appeared Sound dollar Produced and distributed in collaboration with Stacker Studio.
Average auto loan balance per capita in Tennessee Source link Average auto loan balance per capita in Tennessee