North Carolinians are among the most “car-poor” drivers in the country.
According to a new analysis from ConsumerAffairs, North Carolinians are spending $630 per month on car payments.
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The state ranks No. 5 in the U.S. for “car-poor” drivers, which means drivers here can afford their car payments, but compared to drivers in other states, their car payments more highly limit their ability to save and be financially resilient.
The ConsumerAffairs analysis used data from more than 38,000 drivers across the country, including 994 in North Carolina, who submitted their income and auto loan payments through auto loan refinancing company Auto Approve’s website between November 2024 and May 2026.
The analysis calculated median monthly income and car payments based on information from people applying to refinance their car loans. Out of a $4,000 monthly income, North Carolina drivers are spending $630 on car payments. That’s about 15.8% of their monthly income, the tenth-highest rate in the U.S.
North Carolina drivers had a median loan term of 75 months, the fifth longest in the U.S., and a median APR of 15.12%, the fifth highest.
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This ranking comes as auto loan debt continues to climb across the country. Auto debt in the U.S., including traditional loans and leases, reached $1.68 trillion last year, according to a new analysis from progressive think tank The Century Foundation and consumer advocacy group Protect Borrowers. That’s about $450 million more than in 2018.
The analysis also found that more than 2.8 million people in North Carolina had auto loan debt at the end of 2025. Their average loan balance was $25,303, up more than 25% since 2018.
Full story: Americans have $1.68 trillion in auto debt. How much do North Carolinians owe?
Here’s what to know about auto loan debt in North Carolina:
The summary points above were compiled with the help of AI tools and edited by Renee Umsted and Dave Hendrickson, who also reported, wrote and edited the full story in the link at top.
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