LOGAN — Americans now owe nearly $1.7 trillion in auto loan debt, and Utahns are among those seeing some of the fastest growth, according to a new WalletHub report released this month.
The personal finance company ranked Utah fifth in the nation for increases in average auto loan balances from the first to the second quarter of 2025. The state’s average auto loan balance rose 1.49%, reaching $20,849, with an average monthly payment of $518.
Neighboring states also saw steep jumps — New Mexico ranked third, Idaho fourth, Arizona seventh, Wyoming eighth, and Colorado 13th — suggesting a regional trend in rising vehicle debt across the Mountain West.
WalletHub editor John Kiernan said a small number of states are seeing “more dramatic increases, reaching nearly 2.4%, which suggests that people in some states are more affected by inflation in car prices or are biting off more than they can chew when it comes to loans.”
The national average household owes roughly $13,800 in vehicle debt, only slightly below the all-time high. WalletHub attributes the trend to a combination of high car prices, interest rates, and consumer demand.
The report also provides tips for consumers to manage or reduce their auto loan burdens, including refinancing, budgeting, and setting up automatic payments to avoid late fees.
For more information, visit WalletHub’s full report.