The average number of vehicles in the U.S. has steadily increased over the past several decades, with more than 9 out of 10 households having at least one car as of 2022. Roughly a quarter of households had three or more vehicles in 2022, and the number of multi-car households is on the rise.
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If you’re reading this, chances are high that you’re either buying your first car or adding an additional one to your household. If that’s the case, the first step to buying a new car is understanding your financing options.
GOBankingRates recently conducted a study on the average auto loan rates across the U.S., including California, Oregon and Washington. The study broke down interest rates and loan costs by commonly purchased vehicle type — SUVs, trucks, electric cars and sedans — based on a 20% down payment and five-year repayment term.
If you live in one of these three West Coast states and are in the market for a new car, use the data below to budget your financing plan .