Ohioans have seen some of the lowest auto loan debt reductions in the country, but they also have some of the lowest balances as well.
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From the final quarter of last year through March 2025, Ohioans saw their auto loan debts drop less than several other states, according to a study by WalletHub.
However, Ohio is the third best in the country for average balance owed at $18,500 and payments under $470 per month, according to the study.
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As reported on News Center 7 at 5:30, Wallet Hub Analyst Chip Lupo said there are multiple ways Ohioans can keep their debt under control during these times of financial uncertainty and tariffs.
Holding on to your car a little longer and trying to pay more than the minimum amount are places to start.
If you need to move into a new vehicle with a loan, Lupo said you need to understand how your new car will be affected by tariffs.
“You have to do your homework, because, you know, it’s not going to affect all brands of cars equally. So again, look at vehicles that are built right up primarily in the United States, because those might be subject to lower tariffs, or, in some cases, no tariffs at all,” Lupo said.
Consumers should shop for cars like they’d shop for a home mortgage and try for 20 percent down, Lupo said. Car owners should also look to refinance their current loan to get a better rate.
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