The latest news about auto loans has largely been positive for prospective drivers. Relaxed restrictions are allowing more subprime buyers to take advantage of financing tools, especially loans, as they strive to purchase a used car. In fact, the recent trends throughout the industry are lengthening loan terms and lowering monthly payments, which is helping many individuals meet deadlines and stay on top of their budget. <\/p>\n
With the availability of auto loans and decreasing monthly payments, more people are getting access to pre-owned vehicles. However, these individuals still have to pay off debts, and in many instances the extended loan period means they have to pay a considerable amount of interest. <\/p>\n
USA Today recently reported on the 10 cities in the U.S. where people owe the most money on their auto loans. The top city was Shreveport, La., where residents had an average of $18,603 left to be paid on their cars. New Orleans was No. 2, while Lafayette, La., was sixth – and those were just three of the six Southern areas on the list. Houston, Little Rock, Ark., and San Antonio rounded out the top five. <\/p>\n
Also ranked on the list, which was compiled using data from Manilla.com, was New York City. The Big Apple was seventh, as its residents owed an average of $16,566 on their auto loans. <\/p>\n